BT to offload its remaining 9% stake in Tech Mahindra

BT to offload its remaining 9% stake in Tech MahindraBT, the biggest fixed-line telecommunications company in Britain, will offload its remaining 9.1 per cent stake in Tech Mahindra today.

Emerging reports suggest that BT will sell its 1.16 crore shares in Tech Mahindra via block deal, and exit the Indian information technology services group that it had co-founded more than twenty years ago.

The floor price has been fixed at Rs 855 per share, and the stake sale is expected to raise nearly $183 million for the British telecommunications giant.

The stake sale will be handled by two banks, viz. JPMorgan and Credit Suisse.

In the morning session, shares in Tech Mahindra were trading at Rs 910.10 apiece, up 3.61 per cent from its closing price on Tuesday. The stock hit its 52-week high of Rs 1,043 and
52-week low of Rs 550.90 on October 1, 2012 and December 13, 2011, respectively.

BT had established technology outsourcing services provider Tech Mahindra with India's Mahindra & Mahindra (M&M) Ltd in 1986.

Earlier in August his year, BT sold 14.1 per cent of its stake in Tech Mahindra for around $250 million.