Tech Mahindra continues to trade firm for second consecutive session

20 Sep 2012 Evaluate

Tech Mahindra is currently trading at Rs 904.00, up by 2.95 points or 0.33% from its previous closing of Rs 901.05 on the BSE.

The scrip opened at Rs 900.00 and has touched a high and low of Rs 914.60 and Rs 888.00 respectively. So far 31225 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 932.85 on 12-Sep-2012 and a 52 week low of Rs 524.20 on 30-Sep-2011.

Last one week high and low of the scrip stood at Rs 932.85 and Rs 887.00 respectively. The current market cap of the company is Rs 11543.41 crore.

The promoters holding in the company stood at 70.78% while Institutions and Non-Institutions held 20.68% and 8.54% respectively.

Tech Mahindra, India’s sixth largest software exporter has acquired 51% stake on a fully diluted basis in Comviva Technologies, a Bharti Group Company, and a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions, for a value of Rs 260 crore. The deal will be subject to regulatory approvals.

The new brand identity will be Mahindra Comviva, reflecting the combined strength and spirit of both the entities. As part of this arrangement, Tech Mahindra will make an upfront payment of Rs 125 crore towards the stake acquired and the balance amount of Rs 135 crore will be paid out over a period of five years, based on Comviva achieving mutually agreed performance targets. The current promoters will continue to hold 20% stake on fully diluted basis in Comviva, post the deal closure.

This acquisition will significantly enhance Tech Mahindra’s capabilities in the mobile VAS domain and will provide access to a marquee client base, enabling significant cross-selling opportunities.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra.

Tech Mahindra Share Price

1685.20 0.00 (0.00%)
20-Dec-2024 16:59 View Price Chart
Peers
Company Name CMP
TCS 4168.05
Infosys 1922.05
HCL Tech. 1911.20
Wipro 305.15
Tech Mahindra 1685.20
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