Satyam Computer Services Ltd on Monday announced that the stake in the company held by the promoters — B Ramalinga Raju and his family through SRSR Holdings — may have been reduced as a result of routine actions by the promoters' lenders.
"The promoters informed Satyam that all their shares in the company were pledged with institutional lenders," the company stated in a press release today.
The company has received a communication from the promoters that all their shares in the company held by SRSR Holding Pvt Ltd were pledged with institutional lenders over a period of time since September 2006. It is possible that some of the lenders may exercise or may have exercised their option to liquidate such quantum of shares at their discretion to cover the margin shortfall. This would consequently dilute the promoters' holding in the company, the release added,
Satyam founder and chairman B Ramalinga Raju has also asked for this item to be included as part of the agenda for consideration in the board meeting scheduled on January 10, 2009, the release said.
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