IT firm Tech Mahindra is looking to raise fresh funds by issuing up to 1.36 crore equity shares to institutional investors through private placement or qualified institutional placement (QIP) route.
The total size of the issue is not made public by the company but as per its Monday’s closing price of Rs 740.15 a share on the Bombay Stock Exchange (BSE) the company may end up raising around Rs 1,000 crore through the process.
The company is yet to get its shareholders nod for the proposed move.