BT exits Tech Mahindra for Rs 1,011 cr
British telecom giant BT has offloaded 9.1 per cent stake in Tech Mahindra for Rs 1,011.4 crore, marking its exit from the Indian IT services firm.
“BT (British Telecom) has completed the sale of its remaining 9.1 per cent shareholding (11.6 million shares) in Tech Mahindra to institutional investors for total gross cash proceeds of Rs 1,011.4 crore (GBP 115.7 million) at Rs 871 per share,” BT said in a statement on Wednesday.
Reacting to the announcement, Tech Mahindra shares jumped 3.68 per cent to Rs 910.70 on the BSE in afternoon trade.
In August 2012, BT sold 14.1 per cent stake in Tech Mahindra to institutional investors for about Rs 1,395 crore. Following this sale, the British company, which had 9.1 per cent shareholding in Tech Mahindra that time, had said that it might consider further sales in future.