Tech Mahindra plans share sale

MUMBAI, INDIA: Indian software services firm Tech Mahindra Ltd said on Tuesday its board had approved issuing up to 13.6 million shares by way of private placement or to institutional investors.

The company did not disclose how much it planned to raise or what the proceeds would be used for.

Tech Mahindra, which is 31 per cent-owned by Britain's BT Group, emerged a winner in an auction in April for a controlling stake in fraud-tainted outsourcer Satyam Computer Services