MUMBAI Tech Mahindra(TEML.NS) rose as much as 4.9 percent on Wednesday after a block sale of 9.3 million shares, widely seen as coming from BT (BT.L), fetched a higher-than-expected price.
BT was set to sell its 9.1 percent stake in the Indian IT services provider on Wednesday at a floor price of 855 rupees, according to a term sheet seen by Reuters.
The National Stock Exchange reported on Wednesday a block sale at 871 rupees per share. The exchange did not name the seller, but traders widely attributed it to BT.
Tech Mahindra shares were up 4.3 percent as of 9:28 a.m.
(Reporting by Abhishek Vishnoi and Rafael Nam;Editing by Sunil Nair)
Trending On Reuters
One of India's most powerful politicians, Jayalalithaa Jayaram, was sworn in as chief minister of Tamil Nadu following a nine-month break, after a court overturned her conviction in a corruption case. Full Article
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article