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Tech Mahindra up 3% after board okays QIP plan

BS Reporter  |  Mumbai 

Tech Mahindra gained nearly 2% at Rs 761. Around 623,000 shares changed hands at the counter today.

Updated 1438 Hrs

Tech Mahindra has advanced nearly 3% at Rs 768, on the back of its plan to raise funds by selling 13.6 million shares by Qualified Institutional Placement (QIP).

The stock has touched a high of Rs 778 and a low of Rs 748. The counter has clocked trades of 491,389 till now.

Tech Mahindra, the new owner of Satyam Computer Services issued a notice to the BSE yesterday, stating the approval of the issue of 13.6 million shares to institutional investors.

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.

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First Published: Wed, June 24 2009. 16:29 IST