Satyam and Maytas, the two companies promoted by Mr Ramalinga Raju, may have caused losses to thousands of investors, but have still proven lucky for a few.
IL&FS Infrastructure, the largest shareholder in Maytas, is sitting on a notional profit of Rs 250 crore on the 2.2 crore shares of Maytas that it owns. Larsen & Toubro, w
hich had been one of the contenders for Satyam, and still owns a substantial chunk, has also managed to make some money from its investment. For Satyam’s current promoter, Tech Mahindra, the current stock price represents a good premium to their original investment.
On Wednesday, Satyam stock surged on reports that it has reached a settlement with Upaid on a tax dispute.
IL&FS Infrastructure had reportedly acquired an initial 15 per cent stake in Maytas at Rs 35 a share, and a further 22 per cent at Rs 112. The average price of its stake works out to Rs 80 a share — against the current market price of Rs 206.55. This represents a gain of 150 per cent! However, IL&FS is unlikely to cash in on its investment in the future — the shares are under a two year lock-in.
Similarly, Tech Mahindra’s investment in Satyam at Rs 58 a share is worth a lot more at the current price — a premium of almost 61 per cent over the past year.
Similarly, Larsen & Toubro had purchased over 8 crore shares in Satyam in the run up to the bidding for the scam hit technology firm. The average price, according to market sources, is somewhere between Rs 78-81 a share.
The current price of Rs 93.65 represents a small profit for the company which still holds close to 5.4 crore shares. However, the deal is a little sweeter for L&T — it had initially purchased some shares at a higher price — and had made a provision of Rs 186 crore in FY09. Part of this loss was written back when L&T sold a part of its Satyam stake in 2009.