Tech Mahindra successfully raises Rs 600 crore

Tech Mahindra successfully raises Rs 600 croreTech Mahindra, an M&M-promoted company, has notified that it has successfully raised Rs 600 crore of debt through issuance of bonds.

The company said that it has allotted 6,000 non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 600 crore on April 17.

Recently, Tech Mahindra through its arm Venturbay Consultants, won the race to acquire controlling stake in scam-hit Satyam Computer. The company has to pay Rs 1,756 crore by April 21, for acquisition of a 31 per cent stake in the company.

Reports suggest that Tech Mahindra would pay an aggregate of about Rs 2,889 crore for 51 per cent stake in Satyam.