NEW DELHI:
Tech Mahindra Ltd plunged over 5 per cent in early trade on Thursday on the report that British telecoms firm
BT is selling about 5 per cent stakes of Tech Mahindra Ltd for about $100 million.
"BT is selling Tech Mahindra shares in the price band of Rs 735-790 each, the sources said, a discount of 5 to 12 per cent from its Wednesday closing price of Rs 834.90," Reuters reported.
"JPMorgan and Credit Suisse are advising BT on the
share sale, and the shares will change hands on the Indian stock exchanges via block deals on Thursday morning," added the report.
At 09:22 p.m., Tech Mahindra was trading 5.5 per cent lower at Rs 784.40. It has hit a low of Rs 786.15 and a high of Rs 809 today.
"BT has been looking at part-sale of its stake in Tech Mahindra for quite some time, but has been waiting for right market conditions to go ahead," Angel Broking said in a report.
At the end of last quarter, the total promoter holding in Tech Mahindra stood at 70.78 per cent, which included 47.57 per cent with Mahindra & Mahindra, 23.16 per cent with BT and 0.05 per cent with Mahindra BT Investment Company Mauritius Ltd.
The brokerage firm, Angel Broking, maintains 'neutral' rating on Tech Mahindra given recent stock run-up. The stock has gained nearly 40 per cent so far in the year 2012.
On Thursday, ET reported that Sunil Bharti Mittal-led Bharti Group is in advanced discussions to sell Comviva Technologies, a mobile financial and value-added services (VAS) solution provider to Mahindra group's IT arm, Tech Mahindra, for around Rs 750 crore.
