British telecoms firm, BT Group Plc is reportedly planning to divest some of its shares in Indian IT services provider Tech Mahindra in the price band of Rs 735-790 each. The company aims to raise about $100 million, through this deal.
BT had 23% stake in Tech Mahindra at end-June, is expected to cut its stake by about 5% through the share sale. Post stake sale, BT’s holding in Tech Mahindra will be between 14.73% and 17.54%. It also has the option to upsize the block deal to $150 million. JPMorgan and Credit Suisse are the bankers to the deal.
British Telecom (BT) is UK's biggest fixed-line telecoms company. Tech Mahindra, which provides technology services to telecoms companies including BT and AT&T, is majority-owned by Mahindra & Mahindra, India's larger maker of sports utility vehicles and tractors.
Company Name | CMP |
---|---|
TCS | 4133.95 |
Infosys | 1883.05 |
HCL Tech. | 1854.10 |
Wipro | 548.00 |
Tech Mahindra | 1684.00 |
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