Tech Mahindra gains on share block sale price
MUMBAI (Reuters) - 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)
- Tweet this
- Share this
- Digg this
The BSE Sensex rose to a record high on Monday and the rupee hit a four-month high after the main opposition party BJP, widely seen by investors as being more business friendly, swept three out of four key state elections held since last month. Full Article