<p>BT, which is struggling with a huge pension deficit, had 30 per cent stake in Tech Mahindra prior to this deal.<br /><br />Post the sale, it will come down to 24.5 per cent, BT said in a statement. M&M's stake will increase to 48.5 from 43 per cent. The remaining stake is with Mahindra BT Investment Co Mauritius Ltd.<br /><br />On November 26, M&M had entered into an agreement with BT to acquire 5.5 per cent stake in its group company Tech Mahindra from BT Group Plc.<br /><br />"Following the announcement with Mahindra & Mahindra on November 26, BT has completed the sale of a 5.5 per cent shareholding in Tech Mahindra to the auto major for a total gross proceeds of Rs 451 crore at Rs 653.6 per share," BT said in a filing to the London Stock Exchange.<br /><br />BT has also indicated, though it expects to continue to have a shareholding in Tech Mahindra for some time, that it may consider further stake sale in the IT firm.<br /><br />BT's remaining 24.5 per cent stake in Tech Mahindra, could fetch the telco a whooping Rs 2,065.94 crore valued at today's share price of Rs 673.20.<br /><br />In the November 26 statement, M&M had said it will give a waiver to its rights to buy further stake in the software firm.<br /><br />The joint venture between BT and M&M came into existence 1986 which was later named as Tech Mahindra.<br /><br />As per second quarter ended June-September 30, BT had a net debt of 8.7 billion pounds.<br /><br />Shares of Mahindra & Mahindra settled at Rs 757.60, down by 1.34 per cent on BSE and Tech Mahindra closed at Rs 673.20, up 3.88 per cent from the previous close.<br /></p>
<p>BT, which is struggling with a huge pension deficit, had 30 per cent stake in Tech Mahindra prior to this deal.<br /><br />Post the sale, it will come down to 24.5 per cent, BT said in a statement. M&M's stake will increase to 48.5 from 43 per cent. The remaining stake is with Mahindra BT Investment Co Mauritius Ltd.<br /><br />On November 26, M&M had entered into an agreement with BT to acquire 5.5 per cent stake in its group company Tech Mahindra from BT Group Plc.<br /><br />"Following the announcement with Mahindra & Mahindra on November 26, BT has completed the sale of a 5.5 per cent shareholding in Tech Mahindra to the auto major for a total gross proceeds of Rs 451 crore at Rs 653.6 per share," BT said in a filing to the London Stock Exchange.<br /><br />BT has also indicated, though it expects to continue to have a shareholding in Tech Mahindra for some time, that it may consider further stake sale in the IT firm.<br /><br />BT's remaining 24.5 per cent stake in Tech Mahindra, could fetch the telco a whooping Rs 2,065.94 crore valued at today's share price of Rs 673.20.<br /><br />In the November 26 statement, M&M had said it will give a waiver to its rights to buy further stake in the software firm.<br /><br />The joint venture between BT and M&M came into existence 1986 which was later named as Tech Mahindra.<br /><br />As per second quarter ended June-September 30, BT had a net debt of 8.7 billion pounds.<br /><br />Shares of Mahindra & Mahindra settled at Rs 757.60, down by 1.34 per cent on BSE and Tech Mahindra closed at Rs 673.20, up 3.88 per cent from the previous close.<br /></p>