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BT selling $100 mnn stake in Tech Mahindra: sources

Reuters/Mumbai 29 Aug 12 | 07:16 PM

BT Group Plc is selling some of its shares in Indian IT services provider Tech Mahindra in a deal that is expected to raise about $100 million, two sources with direct knowledge of the situation said on Wednesday.

BT, which had a 23 percent stake in Tech Mahindra at end-June, is expected to cut its stake by about 5 percent through the share sale, said the sources, declining to be named as the process is not public yet.

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The Tech Mahindra shares are being sold in the price band of Rs 735 to Rs 790 each, the sources said, a discount of about 5 percent to 12 percent from its Wednesday close price of Rs 834.90.

 

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