Tech Mahindra to list on Aug 29

By agencies   |   Thursday, 17 August 2006, 07:00 Hrs
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MUMBAI: Tech Mahindra, an Indian software firm is likely to list its bourses on August 29.

A joint venture between India's tractor and utility vehicle maker Mahindra & Mahindra Ltd. and UK based giant telecom, British Telecommunications PLC; Tech Mahindra is India's eight largest software exporter.

The company priced its 12.75-million share initial public offering at $7.80, the top end of its indicative price band, after investors bid for 79 times the shares on offer.

Market analysts are amused at the subscription levels given the volatility in the stock market and feel that the company has the potential to ignite the interest of other companies in IPOs.

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