Dilution of promoters' stake in Satyam possible

HYDERABAD: Amidst speculations that Satyam Computer Services may go for a management change, the company announced today that the stake in the company held by the promoters may have been reduced as a result of routine actions by the promoters’ lenders.

The promoters informed Satyam that all their shares in the company were pledged with institutional lenders, and that some lenders may exercise or may have exercised their option to liquidate shares at their discretion to cover margin calls, said a statement from Satyam.

This announcement has given rise to the speculations that the company could be taken over by some global IT services firm.

According to a report in The Economic Times, the suitors could include IBM, Accenture and Cap Gemini.

Satyam had deferred the board meeting supposed to be held today to January 10, 2009, giving rise to rumors that there could be a management change in the company.

Earlier this week, independent director Mangalam Srinivasan, a former professor in the US, had tendered her resignation owning moral responsibility for failing to object to the company's move to acquire two firms promoted by chairman Ramalinga Raju's family.