Tech Mahindra to enter capital market

Hyderabad, July 31 (UNI) As part of its expansion plans and to keep pace with the growing business needs, Tech Mahindra, a leading IT solutions company today announced its decision to enter the capital market with a public issue of 12,746,000 equity shares of Rs 10 each.

Addressing a press conference here, Tech Mahindra Chief Operating Officer (COO) L Ravichandran said the Initial Public Offer (IPO) would enhance the brand name and provide liquidity to the existing share holders including the employees, who hold equity shares of the company.

Mr Ravichandran said of the 60 per cent issue allocated to Qualified Institutional Buyers (QIBs) on a proportionate basis, five per cent shall be proportionately allocated to mutual funds.

The price band of the issue, which opens on August one, 2006 and closes on August four, 2006 is fixed between Rs 315 at lower end and Rs 365 at the higher end.

UNI ASJ AJ 1459