Mahindra & Mahindra Ltd.

Mahindra & Mahindra has agreed to acquire 5.5 per cent of Tech Mahindra’s stake from UK-based British Telecommunications Plc (BT) through an inter-se transfer among qualifying promoters at a market related price, in accordance with the SEB I regulations.  UK’s largest fixed-line phone company BT holds 30 per cent stake in Tech Mahindra.  Financial details of the deal were not disclosed.

M&M will also waiver the rights to buy BT’s remaining stake in the software services provider, and the agreement will automatically terminate if BT’s stake in Tech Mahindra falls below 10 per cent. crackcrack