AT&T International Inc, a provider of local and long distance telephone services, has acquired 8.7% stake in outsourcing firm Tech Mahindra for $34.5 million (around Rs 160 crore). The company has acquired over 98 lakh equity shares of Tech Mahindra through an off-market transaction exercising a 2005 option agreement, that could be valued at Rs 898 crore as per Tech Mahindra today's closing price of Rs 910.2 per share.
According to a report in television channel ET Now, AT&T International Inc has acquired the stake from Mahindra BT Investment Co Mauritius Ltd, which owns 8.13% stake in Tech Mahindra as of December 31, 2009. While India’s tractor major Mahindra and Mahindra Ltd is the largest shareholder in Tech Mahindra and owns 43.99% stake, British Telecommunication Plc holds another 30.86%.
The shares of Tech Mahindra closed at Rs 910.2, down by Rs 1.65 or 0.18% in the BSE today. At current stock prices, the company has a market capitalization of Rs 11,077.13 crore.
Tech Mahindra is a global systems integrator and business transformation consulting firm focused on the communications industry. It offers services to wireline, wireless and broadband operators in Europe, Asia-Pacific and North America.