MUMBAI Dec 11 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.