Tech Mahindra raises $55 mln via comm paper

Mumbai: Software services group Tech Mahindra, which is waiting for regulatory approval to buy Satyam Computer Services, has raised $55 million via short-term debt, two sources said.

The one-year commercial paper carries a coupon rate of 8.50 per cent, the sources were quoted by news agency Reuters as saying.

Tech Mahindra has also raised $120 million this week through the sale of bonds. Kotak Mahindra Bank was sole arranger to the issues.

Tech Mahindra will pay $351 million for a 31 per cent preferential allotment of new shares in Satyam and will make an open offer for a further 20 per cent of the fraud-hit company at a cost of up to around $225 million.