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AT&T buys 8% of Tech Mahindra for $35 mn

AT&T Inc has bought an 8.07% stake in Indian IT services firm Tech Mahindra Ltd for USD 34.57 million as per the priced agreed in a 2005 pact, data submitted to the stock exchange showed on Tuesday.

AT&T, which is one of the leading clients of the Indian outsourcer, bought 9.87 million shares of Tech Mahindra through off-market purchase on Monday, according to data on the NSE website.

Tech Mahindra said the company promoters sold the shares to AT&T at USD 3.5 per share under an agreement which dates back to 2005.

Officials at AT&T were not immediately available for a comment, and a spokesman for Tech Mahindra, a unit of tractor and utility vehicle maker Mahindra & Mahindra, did not respond to phone calls seeking comment.

Ahead of the announcement on Tuesday, shares in Tech Mahindra, ended down 0.2% at Rs 910.20 in the main Mumbai market that rose 0.2%.

BT Group owns 31% in Tech Mahindra and is also the largest customer, accounting for about 40% of its revenue.

Source: Money Control

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