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Over $49 Million Raised By U.S.-Based Indian Startups In January

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India Witnesses Over $26.7 Million Raised By Startups In January

Mahindra to raise funds through QIP

By SiliconIndia,Wednesday, 24 June 2009, 04:36 Hrs

Bangalore: Tech Mahindra plans to raise funds by selling 13.6 million shares to institutional investors, reports VC Circle. It said that it plans to raise funds through a private placement or Qualified Institutional Placement (QIP).

Tech Mahindra could raise more than

1000 crore by selling 13.6 million shares as per its closing price of Rs 747.45 yesterday. This would amount to a little more than 10 percent stake in the post-issued capital of the company.

Tech Mahindra and Mahindra Satyam (Mahindra acquired Satyam Computers this April) will also merge at some time, the company said. "It is logical and there are a lot of synergies. I am afraid I can't give a time right now. It will be in the foreseeable future," Vineet Nayyar, Vice-Chairman of both the companies was quoted saying at a news conference.

The company also announced C P Gurnani as the new CEO and S Durgashankar as CFO of Mahindra Satyam. While Gurnani was till now heading global operations of Tech Mahindra, Durgashankar was Senior VP (M&A) at Mahindra & Mahindra.

Tech Mahindra had acquired a 31 percent stake in Satyam for $351 million. An open offer for another 20 percent stake in the firm has been made. The open offer made at a price of

58 per share started on June 12 and will close on July 1. The cost is expected to be around Rs 1154 crore.

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Reader's comments (2)

1: It is a good thing that Mahindra took over Satyam. the company will now be headed towards succeess and not anymore scams

Posted by: seerat - 24 Jun, 2009

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2:it is never a good thing that MAhindra has taken satyam.Satyam Should have gone to L&T it is very unfortunate that it has gone to a group like Mahindras......

Bkayr replied to: seerat
post - 29 Jun, 2009

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