REG - BT Group PLCMahindra - BT completes sale of 5.5% stake in Tech Mahindra
December 14, 2010
BT completes sale of 5.5% stake in Tech Mahindra
BT announces that, following the agreement with Mahindra & Mahindra Ltd. (M&M) announced on 26 November 2010, it has today completed the sale of a 5.5% shareholding (6.9m shares) in Tech Mahindra Ltd. (Tech Mahindra) to M&M for total gross cash proceeds of INR 4,510 million (£63 million†) at INR 653.6 per share.
Following this sale, BT has a 24.4% shareholding in Tech Mahindra. Tech Mahindra remains a key supplier to BT and, while further sales may be considered in the future, BT expects to continue to have a shareholding in Tech Mahindra for some time.
†Based on INR:Pound sterling exchange rate of 71.15:1.00
Note to Editors
BT and M&M established the joint venture that became Tech Mahindra in 1986. Since that time, the business has grown to over $1bn of annual revenues, listing successfully on the Bombay Stock Exchange and the National Stock Exchange of India in 2006.
Since formation of the joint venture, BT's partnership with Tech Mahindra has grown and strengthened. Tech Mahindra has been a key partner and supplier to BT during that time and has helped BT to deliver world-class service to our customers and efficiency across our business.
The gross assets of Tech Mahindra as of 31 March 2010 were £819m.
For further information
Enquiries about this news release should be made to the BT Group Newsroom on its 24-hour number: 020 7356 5369. From outside the UK dial + 44 20 7356 5369. All news releases can be accessed at our web site: http://www.btplc.com/News
BT is one of the world's leading providers of communications solutions and services operating in more than 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, Openreach, BT Retail and BT Wholesale.
In the year ended 31 March 2010, BT Group's revenue was £20,911 million.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.
For more information, visit www.bt.com/aboutbt
This information is provided by RNS
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