The Rajus are far from ceding hold of Satyam Computer Services, notwithstanding the buzz about shares pledged by them changing hands.

Numbers available in the market and the information available with the market analysts show that the Rajus are still closely guarding their company, though they have had to give up some shares to ease the margin call pressure from lenders.

The company on Monday confirmed that SRSR Holding Pvt Ltd, a holding company of the Rajus, had pledged all the shares 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,” a company statement said.

SRSR Holdings has 8.27% holding in the company, while other promoters, including C Srinivasa Raju, have about 0.33%. The company has a total equity of about Rs 134.7 crore through 67.35 crore shares of Rs 2 each. SRSR’s share of this works out to about 5.57 crore shares.

Sources tracking Satyam on the stock market told DNA that the shares sold so far would amount to about 1 crore. This would mean that the Rajus have lost close to 17.94% of the shares held by them, amounting to 1.48% holding in the company.

A market source said the promoters still have about 7% holding in the company, though there are indications of some more bulk deals happening, which would come to light in the days to come. “Even considering them, the promoters holding must have come down to about 5%,” the source said.

Details of these deals could not be ascertained independently as they are reportedly spread over a group of investors..Also, sources indicate that the deals were between “know parties.”

“Going by the pace at which the deal was closed in the morning on the market, it looks like the entire deal was pre-arranged and going through the market was a formality,” a market source explained.

According to a source in Satyam chairman B Ramalinga Raju’s family, he would have borrowed Rs 800-1,200 crore from the market by pledging the shares so far. The interest rate charged on these mortgages would be less than 16%.

“It is a fact that the pledges have been made over a period of time. But, the margin call pressure increased only after the Satyam scrip nosedived following the announcement of Maytas deal. So, the margin requirement is not huge and the lenders do sell only as many shares as are necessary to cover the margin. This itself means that the sell-off is not huge in terms of absolute number of shares.”

However, the actual holding of promoters will be known after the bulk deals that are said to have happened after December 16, 2008 come into the public domain.
Meanwhile, the resignations of independent directors on the ground of moral responsibility are being interpreted differently by market analysts - as a strategy to reduce pressure from investors and institutions for a management change.

“Ramalinga Raju is under pressure to relinquish his position and give way to a new chairman and of course a new management. However, with almost the entire board of directors preparing to quit their positions, there is no option for the company but to have Raju as its chairman for the time being. Things might change after the board meeting on January 10. But, the theory of hostile bid is becoming a remote possibility,” a source said.