Tech Mahindra Ltd.

Tech Mahindra is currently trading at Rs. 917.05, up by 13.60 points or 1.51% from its previous closing of Rs. 903.45 on the BSE.

The scrip opened at Rs. 916.00 and has touched a high and low of Rs. 928.50 and Rs. 912.25 respectively. So far 20,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 932.85 on 12-Sep-2012 and a 52 week low of Rs. 524.20 on 30-Sep-2011.

Last one week high and low of the scrip stood at Rs. 932.85 and Rs. 887.00 respectively. The current market cap of the company is Rs. 11,701.00 crore.

The promoters holding in the company stood at 70.78% while Institutions and Non-Institutions held 20.68% and 8.54% respectively.

Tech Mahindra, India’s sixth largest software exporter has acquired 51% stake on a fully diluted basis in Comviva Technologies, a Bharti Group Company, and a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions, for a value of Rs 260 crore. The deal will be subject to regulatory approvals.

The new brand identity will be Mahindra Comviva, reflecting the combined strength and spirit of both the entities. As part of this arrangement, Tech Mahindra will make an upfront payment of Rs 125 crore towards the stake acquired and the balance amount of Rs 135 crore will be paid out over a period of five years, based on Comviva achieving mutually agreed performance targets. The current promoters will continue to hold 20% stake on fully diluted basis in Comviva, post the deal closure.

This acquisition will significantly enhance Tech Mahindra’s capabilities in the mobile VAS domain and will provide access to a marquee client base, enabling significant cross-selling opportunities.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra.