BT selling $183 mln stake in Tech Mahindra - term sheet

MUMBAI Tue Dec 11, 2012 10:10am EST

MUMBAI Dec 11 (Reuters) - British telecoms group BT is selling its 9.1 percent stake in Indian IT services provider Tech Mahindra in a deal expected to raise about $183 million, according to a term sheet seen by Reuters.

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 855 rupees, the term sheet showed, a discount of 2.8 percent from 879.50 rupees closing price on Tuesday. The stock is up about 53 percent this year.

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