Share India’s Satyam Computer Services Ltd fell on Thursday after Tech Mihandra said it will repay its 3 billion rupee loan or $64 million in net proceeds, which had raised from state-run bank in February.
According to a Financial Times report quoting an unnamed source, repayment is expected to happen next week during the board meeting to discuss its business strategies and related issues.
It also plans to cut jobs as much as 5,000 of its workforce, which has about 10,000 according to the sources.
Recently, Tech Mahindra acquires controlling stake Satyam for $580 million, posted fiscal fourth quarter profit of Rs 230.4 crores compared with Rs. 218.7 crores in a year ago and Revenue of Rs 1051.3 crores from Rs. 1021.8 crores in the same quarter a year earlier.
Shares of Satyam fell $0.45 to 13.31% at $2.93 While, Tech Mihandra rose 11.05 to 1.68% at 669.60 INR in the regular trading.