The stake of B Ramalinga Raju's family in Satyam Computer Services [Get Quote] may have come down to just around four per cent from 8.61 per cent of the equity of Rs 134.10 crore as at the end of March 2008.

That's because several lenders with whom the promoters had pledged their shares have sold them in the market to meet margin requirements after the steep fall in the stock price. The promoter family held its stake through SRSR Holdings.

For instance, ILFS Trustee Company, the custodial services subsidiary of IL&FS, is believed to have sold around 10 million shares it held on behalf of a lender to Satyam, sources familiar with the developments said. ILFS, however, continues to hold shares which are pledged with it.

Among other lenders who are understood to have sold shares pledged with them are DSP Merrill Lynch and GE Capital. These lenders had exercised their option to sell the shares to cover margin calls since the price of the share in the market has been falling.

The stock has plunged 34.5 per cent since December 16 when Satyam proposed the acquisition of the two Maytas firms.

In a release, Satyam said promoters' stake may have already reduced as a result of institutional lenders selling shares pledged with them in September 2006. Institutional investors such as Aberdeen, Templeton and ICICI [Get Quote] Prudential hold around 60 per cent of the company's equity.

"The promoters informed Satyam that all their shares in the company were pledged with institutional lenders and that some lenders may exercise or may have exercised their option to liquidate shares at their discretion to cover margin calls," the company said.