Tech Mahindra’s subsidiary -- Tech Mahindra (Americas) Inc. has approved a proposal to divest its 30% holding in Avion Networks Inc on October 23, 2023. The stake is to be divested for a consideration of $50,000, and the divestment is to be completed on or before October 31, 2023. Tech Mahindra (Americas) Inc (TMA), a wholly owned subsidiary of Tech Mahindra, holds 30% share capital of Avion Networks Inc.
However there is no contribution of Avion in the Turnover or Networth of TMA. Since there was no contribution in terms of turnover or net worth in the consolidated turnover or net worth of the Company from this entity, it was decided to divest Tech Mahindra’s stake in Avion Networks to optimize the compliance cost and risks. This transaction is not a slump sale.
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise.
Company Name | CMP |
---|---|
TCS | 4156.80 |
Infosys | 1923.85 |
HCL Tech. | 1903.35 |
Wipro | 307.90 |
Tech Mahindra | 1713.50 |
View more.. |