IT firm Tech Mahindra, the new owner of Satyam Computer, plans to raise funds by selling 13.6 million shares to institutional investors.     

Also Read   Related Stories News Now - Mahindra Satyam to get new CFO soon - Magma Design appoints Vivek Raghavan as MD - Food Processing Min asks for tax holiday - No job loss in IT in Kerala due to recession: CM - TechM renames Satyam as Mahindra Satyam - TechM set to announce major decisions in Satyam today   Also Read   Related Stories News Now - Sensex makes remarkable recovery, regains 17K - L N Mittal doubles his stake in Ophir Energy - Indian handicraft firms to participate in Munich fair - Microsoft eyes Indian smartphone mkt - RIL Hazira unit bags 'Excellent Energy Efficient Unit Award' More

The board of directors of the company at its meeting yesterday have approved the issue of 13.6 million shares by way of private placement or Qualified Institutional Placement (QIP) basis, Tech Mahindra said in a filing to the Bombay Stock Exchange.     

The company, however, did not disclose how much it is planning to raise through this share sale and at what price the shares would be alloted.   

Calculated on the basis of Monday's closing price, Tech Mahindra, could garner as much as Rs 1,006.60 crore through this share sale.     

Shares of Tech Mahindra were trading at Rs 738, down 0.29 per cent on the BSE in morning trade today.     

The said issuance of shares would be subject to shareholders approval, Tech Mahindra added.     

Earlier in April, Tech Mahindra won the race to acquire majority stake in Satyam Computer. The acquisition is expected to bring Tech Mahindra in the league of top five IT firms.      

Tech Mahindra has already made the payment of Rs 2,990 crore for 31 per cent stake in Satyam and has made an open offer for acquiring additional 20 per cent stake, which opened on June 12 and will close on July 1.

Other Stories      - Sensex makes remarkable recovery, regains 17K - L N Mittal doubles his stake in Ophir Energy - Indian handicraft firms to participate in Munich fair - Microsoft eyes Indian smartphone mkt - RIL Hazira unit bags 'Excellent Energy Efficient Unit Award' More

Tags : Tech Mahindra | IT industry | Satyam Computer | QIP | equity shares | venturbay | M&A   Read Business news in  Advertisements   Get financial advisory and solutions for your projects   Holidays starting at a delightful EMI of Rs 3481   Switch on and say hello to Monday morning !   Your dream home can now be a reality.   Visit Fortis for a preventive health check-up & get a 20% discount.   Follow the ups and downs of your investments. Try our new Portfolio Tracker   Kolkata Dock \ Freight contract for the British Gurkhas Nepal   Find how Midsize Businesses use ERP to gain competitive advantage   Trading in Forex is now as easy as 1-2-3   Discover an economical and cost effective way to market your products and services   Giftwithlove.com: Same day delivery of Flowers and Cakes to India   Download the E-book on the Future of Business Intelligence   Learn Best Practices for improving customer satisfaction   Know your customers better... download the free e-book on CRM