The Hindu Business Line : Satyam got Rs 2,000 cr receivables in Jan-March

NEW DELHI: Satyam Computer has had receivables worth Rs 2,000 crore in the January-March period from new and existing clients, its Chairman Mr Kiran Karnik said.

“We have had Rs 2,000 crore collections from new work and some of the existing clients over the three months (January-March) ... some clients have left but we have got some new work as well,” Mr Karnik said.

He said the rate of receivables per month was about $140-150 million. In January, when Satyam's founder Mr B Ramalinga Raju admitted to fraud, its cash balance was a bare minimum and the company was struggling to meet its HR commitment, which was an out flow of Rs 500 crore a month.

The company had raised a loan Rs 685 crore to meet some of its working capital needs.

The company has met its working capital needs through this Rs 2,000 crore, officials said adding that after liabilities towards loans and payments, the company has a closing cash balance of Rs 215 crore for the period ended March 31, 2009.

Out of the Rs 685 crore loan, Rs 300 crore has been availed of so far. On Monday Satyam Computer will be sold to a new investor through open bidding and this relatively comfortable cash balance will provide some succour to the new owner, said a board me mber. - PTI

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