BT raises Tech Mahindra divestment to 14.1 %
31 Aug 2012
British Telecommunications (BT) offloaded a 14.1 per cent stake in Tech Mahindra to institutional investors for about Rs1,395 crore, and is considering a further dilution of stake in the Indian IT firm.
Earlier Reuters had reported the British telecom giant was selling around 5 per cent stake in IT services firm Tech Mahindra for about $100 million or Rs556 crore. (See: BT sells part stake in Tech Mahindra for Rs556 crore)
Tech Mahindra shares tumbled 5.2 per cent on Thursday to Rs 792.15 on BSE, while the index rose 0.29 per cent to 17,541.64 points.
The British company sold the sales through open market transactions on both BSE and NSE. JP Morgan and Credit Suisse were the bankers for the stake sale.
However, the names of the buyers were not immediately known.
Following the stake sale, BT's stake in the Indian IT firm fell to 9.1 per cent from the earlier 23.16 per cent. In 2010, the BT Group had sold 5.5 per cent stake in Tech Mahindra to Mahindra and Mahindra (M&M).
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