Tech Mahindra Ltd.

British telecom group BT has offloaded its 9.1% stake in IT services provider Tech Mahindra for about $183 million. Shares of Tech Mahindra were sold at a floor price of Rs 855 the term sheet showed, a discount of 2.8% from Rs 879.50 closing price on Tuesday.

Earlier in August this year, it sold 14.1 per cent of Tech Mahindra stake for about $250 million.

BT, which set up technology outsourcing services provider Tech Mahindra with India’s Mahindra & Mahindra in 1986 and was its second largest shareholder in the past, has been gradually paring its stake in the Indian joint venture.