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‘Tech Mahindra raises $55 million’

It has raised 2.75 billion rupees ($55 million) via short-term debt,sources say.

Written by Reuters | Mumbai |
April 15, 2009 11:53:31 am

Software services group Tech Mahindra,which is waiting for regulatory approval to buy Satyam Computer Services,has raised 2.75 billion rupees ($55 million) via short-term debt,two sources said.

The one-year commercial paper carries a coupon rate of 8.50 per cent,the sources said.

Tech Mahindra has also raised 6 billion rupees ($120 million) this week through the sale of bonds.

Kotak Mahindra Bank was sole arranger to the issues.

Tech Mahindra will pay $351 million for a 31 per cent preferential allotment of new shares in Satyam and will make an open offer for a further 20 per cent of the fraud-hit company at a cost of up to around $225 million.

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