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Tech Mahindra raises $55 mn via commercial paper

Tech Mahindra raises $55 mn via commercial paper
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First Published: Wed, Apr 15 2009. 11 01 AM IST
Updated: Wed, Apr 15 2009. 11 01 AM IST
Mumbai: Indian software services group Tech Mahindra, which is waiting for regulatory approval to buy Satyam Computer Services, has raised Rs2.75 billion ($55 million) via short-term debt, two sources said.
The one-year commercial paper carries a coupon rate of 8.50%, the sources told Reuters.
Tech Mahindra has also raised Rs6 billion ($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% preferential allotment of new shares in Satyam and will make an open offer for a further 20% of the fraud-hit company at a cost of up to around $225 million.
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First Published: Wed, Apr 15 2009. 11 01 AM IST