AT&T buys 8.07 per cent stake in Tech Mahindra for Rs160 crore
23 Mar 2010
AT&T, the largest telecom services provider in the US, has today acquired an 8.07 percent stake in IT services firm Tech Mahindra for approximately Rs160 crore.
In a filing to the Bombay Stock Exchange (BSE) today, Dallas, Texas-based AT&T bought 9.87 million shares through an off-market deal in Pune-based Tech Mahindra, the owner of Satyam Computer Services Ltd.
AT&T exercised a 2005 option agreement to buy the stake, which is valued at Rs895 crore based on Tech Mahindra's today's closing price of Rs910.15 in the BSE.
AT&T, which is a major customer of Tech Mahindra and contributing 12 per cent to its revenues, acquired the stake from BT Mauritius, according to CNBC-TV18.
Tech Mahindra is a joint venture between Mahindra & Mahindra Ltd and the UK's telecom giant BT Group.
