Tech Mahindra on Wednesday said it was planning to pay back about Rs 1,000 crore debt, for which it was issuing shares on private placement basis. Yesterday, Tech Mahindra board had approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement (QIP).

“We have asked for about up to 10 per cent (about 13.5 million) shares, but evetually what we get depends on the price,” Tech Mahindra CEO Sanjay Kalra said.

Click here for Cloud Computing

Also Read   Related Stories News Now - Better pricing drew more fliers in Apr - Centre rules out coal price hike, for now - Jaiprakash Power Ventures to merge with group company - Some ring tone - Games and movies on the cloud - Salve didn't know?

Also Read   Related Stories News Now - Markets end higher led by rate sensitives - New rules to seize property of corrupt babus - BSES gets Rs 5,000-cr IDBI Bank loan to pay dues - Reliance MediaWorks Q3 net loss at Rs 151 cr - Investor wealth grows by Rs 10 lakh cr in 2012 rally More

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end higher led by rate sensitives - New rules to seize property of corrupt babus - BSES gets Rs 5,000-cr IDBI Bank loan to pay dues - Reliance MediaWorks Q3 net loss at Rs 151 cr - Investor wealth grows by Rs 10 lakh cr in 2012 rally

Tags : Tech Mahindra   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  We live for our family. have you secured them? -  Office 365 for professionals and small businesses. -  India's No. 1 Property Site. Click here to know more.. -  Enjoy the journey as much as the destination. click to know more.. -  Improve Patient Care & Experience. Click here to know more -  Health is Wealth..... Insurance + Savings... Know More...