Mumbai/Hyderabad, Jan. 6: Bad news continues to stalk Satyam Computer Services and its promoter B. Ramalinga Raju.

Institutions are still dumping the shares that the Rajus had pledged with them against loans. On Monday, another 1 crore shares were sold which brought down the stake held by SRSR Holdings — the main entity through which the Rajus have held their shares in the company — to 3.6 per cent from 5.13 per cent less than three days ago.

A part of the promoter’s stake — 1.73 per cent or 1.16 crore shares — still remains pledged with the lenders. This means that the unfettered stake held by the promoters of Satyam has fallen below 2 per cent.

Last Friday, Satyam informed the stock exchanges that the stake held by SRSR Holdings in the company has come down to 5.13 per cent from 8.27 per cent prevailing at the end of September 30. Lenders had sold the shares pledged by chairman B. Ramalinga Raju after the promoters failed to meet margin calls.

Satyam had then said that a little over 2.19 crore shares were still pledged with the lenders.

SRSR Holdings, an investment company which holds a significant portion of the promoters’ stake in Satyam, then held 5.5 crore shares.

In a disclosure to stock exchanges today, Satyam said the number of shares with SRSR Holdings had gone down further to 2,42,89,497 from 3,45,79,497 earlier. More importantly, around 1.17 crore shares are still pledged with lenders.

The Satyam announcement came hours after it was learnt that IL&FS Trust Company had sold over 2.45 crore shares in its capacity as a trustee for debenture holders and lenders, which include DSP Merrill Lynch, DSP Blackrock, Deutsche Bank, HDFC Mutual Fund and IL&FS Financial Services.

The pledged Satyam shares were sold by IL&FS on written instructions given by debenture holders and lenders, a filing made to the stock exchanges stated.

During the period from December 23, 2008 to January 5, IL&FS Trust Company sold 38.97 lakh Satyam shares held by DSP Merrill Lynch, 74.15 lakh shares held by DSP Blackrock and 47.06 lakh shares held by Deutsche Bank.

The company has also sold 50.02 lakh shares of Satyam held by HDFC Mutual Fund and 35 lakh shares held by IL&FS Financial Services. The most recent sale was that on January 5 when Satyam shares were sold at the instruction of IL&FS Financial Services.

Details about the loans taken by the Rajus have also started to filter through. The loans were taken by small front companies — Bangar Agro Pvt Ltd, Amravati Greenfields Pvt Ltd , Harangi Agro Farms and Naryandri Greenfields.

These companies had issued non-convertible debentures ranging between Rs 20 crore and Rs 80 crore. Together, they raised over Rs 500 crore from the institutions and pledged Satyam shares against this borrowing.

Meanwhile, 124 Satyam employees, including 35 at the senior level, have resigned and said they were quitting because of “unhealthy practices”.

A spokesperson for Satyam said the resignations were routine.