Tech Mahindra, Country's leading information technology services and solution provider, has raised Rs 550 crore from Tata Capital and IDFC to fund its takeover of scam-hit Satyam Computer Services.

The company has informed that it raised the funds by issuing debentures which are convertible into shares of Venturbay Consultants, a special purpose vehicle through which it acquired Satyam Computer.

Besides this, Tech Mahindra has also borrowed Rs 1,450 crore from various banks, mutual funds, institutions and NBFCs. A part of raised amount is expected to be utilized for acquisition funding of Satyam.

In the first phase of acquisition, Tech Mahindra had paid about Rs 1,756 crore for 31 per cent equity through preferential allotment of shares in Satyam.

It should be noted that last month, Satyam was acquired by Tech Mahindra, which was selected after a bidding process conducted by the government-appointed board at the beleaguered IT firm.

The scrip of the company today closed at Rs 785, up 5% compared to previous close of Rs 744.