New Delhi: Satyam Computer has had receivables worth Rs2,000 crore in the January-March period from new and existing clients, its chairman Kiran Karnik said.
“We have had Rs2,000 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,” Karnik said.
He said the rate of receivables per month was about $140-150 million.
In January, when Satyam’s founder 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 outflow of Rs500 crore a month. The company had raised a loan Rs685 crore to meet some of its working capital needs.
The company has met its working capital needs through this Rs2,000 crore, officials said, adding that after liabilities towards loans and payments, the company has a closing cash balance of Rs215 crore for the period ended 31 March. Out of the Rs685 crore loan, Rs300 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 member.