Satyam board to meet on December 29 to consider buyback of shares

MUMBAI: IT major Satyam Computer Services said on Thursday its board will meet on December 29 to consider a share buyback proposal.
    
"A meeting of the board of directors of the company will be held on December 29, 2008, to consider the proposal for buyback of shares of the company," Satyam said in a regulatory filing to the stock exchanges.
    
The company's move to mollify shareholders comes after it raised investor ire on its proposed USD 1.6-billion acquisition deal, which had to be called off.
    
After suffering a severe battering on Wednesday, Satyam shares surged 13.88 per cent to an intra-day high of Rs 180 on Thursday on the Bombay Stock Exchange.
    
It was later trading at Rs 172.75, up 9.30 per cent on the BSE in the late afternoon trade.
    
On Wednesday, the scrip had plunged as much as 30 per cent to close at Rs 158.05 after touching its 52-week low.     

The company on Tuesday had announced a USD 1.6-billion deal to acquire Maytas Properties and Maytas Infrastructure -- companies run by Satyam chief Ramalinga Raju's sons B Rama Raju and Teja Raju.
    
However, investors' opposition had forced Satyam to call off the deal just a day later.