Tech Mahindra raises Rs 875 cr debt to fund Satyam acquisition

Tech Mahindra Ltd, the highest bidder for Satyam Computer Services, has raised Rs 875 crore from debt securities to help fund the acquisition of the beleaguered IT firm, according to media reports.

The company has raised Rs 600 crore through sale of bonds. Tech Mahindra, which has to arrange Rs 2,990 crore to fund the deal, has already Rs 700 crore cash available on its balance sheet. Tech Mahindra’s acquisition is the second source of Satyam’s survivability.