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Corporate | Tech Mahindra to raise stake in Satyam to 44%

Corporate | Tech Mahindra to raise stake in Satyam to 44%
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First Published: Thu, Jul 02 2009. 10 38 PM IST
Updated: Thu, Jul 02 2009. 10 38 PM IST
Bangalore: Tech Mahindra Ltd said it may spend as much as Rs1,150 crore buying new shares from Satyam Computer Services Ltd, the software exporter that was at the center of India’s biggest corporate fraud.
The investment will increase Tech Mahindra’s stake to about 44% from 31%, Tech Mahindra chief financial officer Sonjoy Anand said in an interview.
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Hindalco gets banks’ nod to change loan terms
Mumbai: Hindalco Industries Ltd won approval from its banks to change the terms of a $982 million loan used to partly finance the acquisition of Novelis Inc.
In 2007, Mumbai-based Hindalco borrowed Rs13,000 crore using its own assets as collateral and took a $2.8 billion loan against Novelis’ assets to fund the $6 billion acquisition.
The loan won’t be contingent on group earnings, including those of Novelis, chief financial officer Sunirmal Talukdar said on Thursday over the phone. The conditions on the loans related to India earnings will be eased, he said, without elaborating. The company announced the approval in an earlier statement to the Bombay Stock Exchange.
— Bloomberg
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First Published: Thu, Jul 02 2009. 10 38 PM IST