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This is an archive article published on April 19, 2009

Tech Mahindra raises debt of Rs 600 crore

Software firm Tech Mahindra,which needs to pay Rs 1,756 crore by April 21 for acquisition of a 31 per cent stake in scam-hit Satyam Computer...

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Software firm Tech Mahindra,which needs to pay Rs 1,756 crore by April 21 for acquisition of a 31 per cent stake in scam-hit Satyam Computer,today said it has raised Rs 600 crore of debt through issuance of bonds.

It alloted 6,000 non-convertible debentures (NCDs) of face value of Rs 10 lakh each,aggregating to Rs 600 crore on April 17,the company said in a filing to the Bombay Stock Exchange.

Earlier this week,Tech Mahindra through its arm Venturbay Consultants won the race to acquire controlling stake in beleaguered IT firm Satyam Computer.

The government-appointed board of Satyam had given its approval for the acquisition of a 31 per cent stake by the Tech Mahindra for Rs 1,756 crore.

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