BT has sold its remaining 9.1% stake in Indian IT services company Tech Mahindra for £115.7m, the British telco announced today.
11.6 million shares were sold to institutional investors for Rs871 (£10) per share, totalling Rs10,114m (£115.7m).
A BT…
BT has sold its remaining 9.1% stake in Indian IT services company Tech Mahindra for £115.7m, the British telco announced today.
11.6 million shares were sold to institutional investors for Rs871 (£10) per share, totalling Rs10,114m (£115.7m).
A BT spokesperson told TelecomFinance that the shares were sold to numerous investors as part of a bookbuild.
“The financial impact of the disposal is expected to be treated as an income statement specific item in BT’s next financial results,” added the announcement.
Tech Mahindra will continue to be a key supplier to BT.
As TelecomFinance previously reported, BT has gradually sold off its stake in the Indian services company over the past year. Back in August the telco sold 14.1% of its holding, also to institutional investors, for Rs13,949m (£158.6m).
