BT selling $183m stake in Tech Mahindra

British telecoms group BT is selling its 9.1 percent stake in IT services provider Tech Mahindra in a deal expected to raise about USD 183 million, according to a term sheet seen by Reuters.

Also read: IT companies brace for tough December

BT, which once owned about a third of the company, has been gradually paring its stake in Tech Mahindra, and with its stake sale on Tuesday it will exit the outsourcing services provider.

The Tech Mahindra shares are being sold at a floor price of Rs 855, the term sheet showed, a discount of 2.8 percent from Rs 879.50 closing price on Tuesday. The stock is up about 53 percent this year.

Must read: MSat-Tech Mahindra swap ratio for merger opposed in AP HC

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