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).

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.”

The board of Satyam Computer Services would meet on December 29 to discuss the various issues including the fate of its independent director, Dr Mangalam Srinivasan and Chairman, Ramalinga Raju. Dr. Srinivasan and Mr. Raju are under pressure to quit their posts following the failed attempts to acquire Maytas firms. The Dean of Indian School of Business, Dr Mendu Rammohan Rao would also attend the proposed meet.

Cholamandalam DBS is planning to raise Rs 300 crore by subscribing 10 million convertible shares of EID Parry, Coromandel Fertilizer Ltd. & DBS Bank. The shares would have the face value of Rs 100 and these would be converted into liquid stake within 18 months as per filing by the company to the stock exchange.

Reliance Big Pictures is gearing up to release 18 movies for 2009 release. Out of these, 11 films will be released in Hindi while the other seven films will be in five regional languages. Big Pictures in association with Excel entertainment will release Luck By Chance, the directorial debut of Zoya Akhtar on 30 January. The movie stars are Farhan Akhtar, Juhi Chawla, Konkana Sen Sharma, Rishi Kapoor, Dimple Kapadia and Hrithik Roshan in a special appearance.