Tech Mahindra to issue equity shares of Rs 10 each

Chennai, July 27 (UNI) Tech Mahindra, a leading Indian provider of IT solutions to telecom companies, today announced its entry into the capital market with a public issue of 12,746,000 equity shares of Rs ten each.

The price band of the issue was Rs 315 at lower end and Rs 365 at the higher end. The issue opens on August one and closes on August four, Mr Anand Mahindra, Chairman said here today.

The company proposed to use the proceeds for creating facilities for expansion. The company has been granted land measuring 98,923 sq metres, located at Rajiv Gandhi Infotech Park in Pune for this purpose, he said.

The company has registered a 31 per cent revenue growth as compared to its revenues the year before. The revenue for the year ended March 2006, grew to Rs 1242.7 crore and the profit after tax grew by 130 per cent to Rs 102.4 crore, he added.

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