Tech Mahindra dips on BT stake sale buzz
British telecoms firm BT is planning to sell about 5% of Tech Mahindra shares in the price band of Rs 735 to Rs 790 per share
Tech Mahindra has dipped 5.5% at Rs 789 on reports that its foreign promoter British Telecommunications Plc (BT) is planning to sell part of its holding in IT service provider for $100 million (approx Rs 556 crore).
“British telecoms firm BT is selling about 5% of Tech Mahindra shares in the price band of Rs 735 to Rs 790 per share, a discount of 5 to 12%t from its Wednesday closing price of Rs 834.90,” the Reuters report suggests.
As of June 30, British Telecommunications Plc held 23.16% stake in Mahindra Group Company.
The stock opened at Rs 820 and hit a low of Rs 786 on the NSE. A combined around 1.17 million shares have changed hands on the counter in opening trades on the NSE and BSE.
Source: Business Standard
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