Tech M plans to raise Rs 500-1,000 crore

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.