Raju family's stake in Satyam down; HCL could play role

After a long speculation of whether it is 3% or 4%, finally we have a little more clarity, because the Raju family; the SRSR holding has given an intimation to the company, and the company has given an intimation to National Stock Exchange (NSE). On Friday evening the NSE announcement said the shareholding has fallen from 8.27% to 5.13%. But, there are also small footnote, which said that from 5.13%, which is left from the SRSR holdings, 3.25% is still left with the lenders. So, if you were to look at it, then we will be left with just 2%, if the lenders go ahead and sell the full amount pledged with them.

Also, on Friday there was another announcement; there was a block deal of 44 lakh shares, which was done by IL&FS, which was 0.65% fresh shares that have been dealt on a block deal. So, we are now looking at 5.13% and a further 0.65% eroded from it and we will be closely watching out for what happens to that 3.25%, which is still with the lenders. We are also hearing news of fresh margin calls coming in on Satyam. So, it will be important to see what block deals come in today. Also this means that after the stake has fallen down to close to 5.13%, the deal will be neck to neck on being the largest shareholder right now. So, we will be waiting and watching of what they have to say. Last time when we had spoken to them, they have said that they will support the Raju family.

We have also picked up news that HCL would now be looking at some kind of deal which Satyam, since they have used most of their cash and they have picked up debt for Axon, they are looking at a structure which would either be minimalizing cash right now or shares swaps. So, that we would pick it up for you and let you know.

Earlier, CNBC-TV18's Kenan Machado said, SRSR Holdings' stake in Satyam is down to 4.4% from 8.27%. SRSR Holdings' 3.14% stake was sold via market sale of pledged shares by lenders. IL&FS trust sold 4.4 lakh shares in open markets yesterday. Out of the remaining 5.13% stake of SRSR Holdings, 3.25% is with lenders.