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
- Pakistani family sentenced to death over "honour killing" outside court
- UPDATE 1-Snow to keep falling in paralyzed western New York another day
- Gunman killed, three students shot in Florida university library |
- Kotak bank buys ING Vysya in record $2.4 billion share deal
- Duchess of Alba, the world's most titled aristocrat, dies
A rift between the five powerful labour unions at Coal India Ltd is set to clear the way for Prime Minister Narendra Modi's government to complete a stake sale in the state company that is critical to hitting budget targets. Full Article
U.S. court overturns bid by Ranbaxy to block launch of rival generic drugs. Full Article
Tech Mahindra to buy U.S.-based network services operator for $240 million Full Article
Infosys unit's overbilling Apple led to exit of top execs - sources. Full Article