AT&T sells 7% stake in Tech Mahindra for Rs 660 crore
The largest phone company in the US, AT&T Inc has sold its 7% stake in Tech Mahindra Ltd. Tech Mahindra Ltd. is now controlling the Satyam Computer Services as well. Last month, there was an option of 8% buy of the stake provided by the company.
So far as financial aspects of the deal are concerned, the US Inc. AT&T has raised Rs 660 crore ($147 million) selling its shares in Tech Mahindra Ltd. Rs 762.4 a piece was the price for the sale. As per sources, Citigroup Inc. has advised AT&T on the stock sale.
According to the company's initial share sale document in 2006, AT&T had the option to buy about 9.9 million shares before 31st of July. As per Tech Mahindra, the Dallas, Texas- based company has purchased 9.87 million of shares in an off-market transaction. Moreover, it has paid around Rs 898 crore for the stake.
Mahindra and Mahindra is having a 44% stake in Tech Mahindra where as the British telecommunications company BT has 38% stake in the company.