British telecoms firm, BT Group Plc is reportedly planning to divest some of its shares in Indian IT services provider Tech Mahindra in the price band of Rs 735-790 each. The company aims to raise about $100 million, through this deal.
BT had 23% stake in Tech Mahindra at end-June, is expected to cut its stake by about 5% through the share sale. Post stake sale, BT’s holding in Tech Mahindra will be between 14.73% and 17.54%. It also has the option to upsize the block deal to $150 million. JPMorgan and Credit Suisse are the bankers to the deal.
British Telecom (BT) is UK's biggest fixed-line telecoms company. Tech Mahindra, which provides technology services to telecoms companies including BT and AT&T, is majority-owned by Mahindra & Mahindra, India's larger maker of sports utility vehicles and tractors.
