Tech Mahindra gains on share block sale price

MUMBAI Wed Dec 12, 2012 9:30am IST

Employees work on the floor of an outsourcing company in Mumbai March 19, 2012. REUTERS/Vivek Prakash/Files

Employees work on the floor of an outsourcing company in Mumbai March 19, 2012.

Credit: Reuters/Vivek Prakash/Files

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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)

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