Satyam Computers has to mortgage company's real estate assets to secure loans of Rs 600 crore in order to meet salary obligations to its 53,000 employees nationwide. Part of the loan amount would also be used for meeting the immediate requirements of working capital.
However, the company is facing problem in disbursal of funds as the no-objection certificate required compulsorily for pledging the property is getting delayed by the Andhra Pradesh government.
While IDBI and Bank of Baroda have already sanctioned loans of Rs 300 each, the company is trying to secure additional working capital loan from the public sector lending agencies including State Bank of India and Life Insurance Corporation (LIC).
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