Satyam Computer Services today (Monday, Dec 29) gained nearly fifteen percent (15%) on the Bombay Stock Exchange (BSE) after the company said it will mull over a possible business restructuring in its board meeting, now postponed to January 10, 2009.

The scrip opened strongly at Rs 133 and moved upwards to Rs 156.60, up 15.6%, from the last closure on the Bombay Stock Exchange (at 2:29 pm).

In a bid to enhance the shareholders’ value, country’s No. 4 software services exporter, Satyam Computer Services has decided to engage the services of DSP Merrill Lynch.

Earlier on Saturday evening, the company decided to postpone its December 29 meeting and also enlarged the agenda, which was only to discuss the buyback option.

It is learnt that the Satyam Computer Services could also see a change in the composition of its board when it meets on January 10 (as against the earlier date of December 29).

One of the country's top private air-carrier, Kingfisher Airlines has announced that it would effect fare cut across its network from January 1.

In a press release, Kingfisher Airlines chairman Vijaya Mallya said, “Kingfisher Airlines will begin the New Year on an aggressive note by slashing fares on its network.”

However, Mallya did not state the quantum by which fares would come down.

Even as the investor community is worried about the developments, Satyam Computer Services has postponed the crucial board meeting, which was to have taken place on Monday (Dec 29).

A Satyam representative said, “The meeting has been postponed to ensure physical participation by all members on the board. The idea is to have extensive discussions on all the issues, including buyback.”

Following the poor show by public offers and low-investor sentiment in the stock market, various companies in country raised just Rs 16,927 crores through initial public offers (IPOs) and follow-on public offers (FPOs).

It represents 63% decline in fund collection as compared to Rs 45,137 crore collected last year according to the report of research firm, Prime Database. Many companies have dropped idea to raise funds through public offer due to poor response from investors.

India’s second largest private bank, HDFC Bank said that, on Friday, it has raised Rs 1,728 crore through the private issue of subordinated debt.

On a private placement basis, the bank has issued unsecured non-convertible redeemable subordinated bonds in the nature of debentures.

The Bank sold upper Tier II bonds for an amount of Rs 578 crore and issued lower Tier II bonds raising an amount of Rs 1,150 crore.

HDFC Bank provides a wide range of services in treasury, wholesale banking, and retail banking.