Analysts said a lower stake held by founders makes the company a more attractive takeover target for private equity or global information technology firms, as investors demand a change in the embattled firm's management team.

The stake owned in India's No. 4 software services exporter by SRSR Holdings, in which the founders had accumulated their shares, has been diluted from 8.27 per cent in November, Satyam said in a disclosure to the stock exchange, without giving details.

Shares in Satyam plummeted last month to a five-year low after its botched attempt to buy two construction firms in which Satyam founders held stakes and after news it had been barred from World Bank business.

Satyam had said earlier the founders' stake might have been diluted as institutional lenders to whom they had pledged their shares exercised options to cover margin calls.