Have divested holdings in Tech Mahindra: AT&T
AT&T has sold 7% stake in Tech Mahindra via a block deal to Life Insurance Corporation of India (LIC), which already holds nearly 7% in the IT major. With this, AT&T stake in Tech Mahindra has come down to 1%.
Confirming the same, AT&T has said that they had divested holding in Tech Mahindra. “Per the terms of a 2005 agreement, on March 22, 2010, AT&T exercised an option over approximately 9.9 million shares, representing 8.1% of Tech Mahindra shares outstanding on that date,” the company’s statement stated.
The statement further added that it intends to maintain its vendor relationship with Tech Mahindra, which provides IT services to AT&T.
Vineet Nayyar, Vice-Chairman of Tech Mahindra says “The stake sale does not impact business in any way.”
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