REFILE-India's Tech Mahindra gains on share block sale price

Wed Dec 12, 2012 10:20am IST

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(Corrects Tech Mahindra's Reuters Instrument Code in paragraph 1)

MUMBAI Dec 12 (Reuters) - India's Tech Mahindra rose as much as 4.9 percent on Wednesday after a block sale of 9.3 million shares, widely seen as coming from BT, 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 0354 GMT. (Reporting by Abhishek Vishnoi and Rafael Nam; Editing by Sunil Nair)

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