Tech Mahindra Ltd.

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.