Tech M raises over Rs 500 cr via OCDs

Tech Mahindra, through its subsidiary Venturebay Consultants has raised over Rs 500 crore from Tata Capital and IDFC by issuing optional convertible debentures (OCDs). Venturbay is a special purpose vehicle in which Tech Mahindra has 100 per cent stake.

The company has raised Rs 450 crore funds via OCDs from IDFC and the rest has been raised from Tata Capital. These OCDs will be issued at an interest rate of 15-18 per cent and will mature after three years.

Besides, Tech Mahindra has also borrowed Rs 1,450 crore from various banks, mutual funds, institutions and NBFCs at an interest rate of 10 per cent, part of which has been used for funding the acquisition of Satyam.