Tech Mahindra files draft red herring prospectus with SEBI

Mumbai, June 21 (UNI) IT solutions provider Tech Mahindra today announced that it has filed its draft red herring prospectus with Securities and Exchange Board of India (SEBI).

The proposed issue will offer 12.74 million shares to public, of which 1.15 million shares will be reserved for employees, a company release here today said.

As a part of the issue, Mahindra&Mahindra and BT (British Telcom) will offer 3.82 million and 5.73 million shares, respectively, while Tech Mahindra will issue an additional 3.18 million shares, it added.

The company plans to use the proceeds from the issue for creating facilities for expansion in Pune and other places. It has acquired 98,400 sq metres of land to build world-class facilities in the Rajiv Gandhi Infotech Park at Hinjewadi in Pune.

Tech Mahindra Vice Chairman and Managing Director Vineet Nayyar said, ''Our listing is the next step in our journey of evolution, assisting in our facility expansion plans to keep pace with our business needs.'' Meanwhile, the company has registered a 31 per cent revenue growth, as compared to its performance the year before. The revenue for the year ended March 31, 2006 grew to Rs 1,242.7 crore, as against Rs 945.6 crore in the previous fiscal.

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