 "M&M may buy out British Telecom's stake in Tech Mahindra")
British Telecom is planning to sell its stake in Tech Mahindra for a while now and Mahindra and Mahindra, which had bought 5.5 percent of BT’s stake in 2010, is now looking to further buyout part of British Telecom’s stake.
British Telecom holds 23 percent stake in Tech Mahindra at the moment. Back in November 2010, the company had confirmed that they would be looking at gradually reducing this stake over a period of time. However, they had not mentioned a timeline for this.
Now, it seems BT is waiting for October-end to sell its stake as that is when the new takeover norms will come into effect and the company will not have to make an open offer if they do sell 23 percent to an individual player.
Apart from Mahindra and Mahindra, several other PE players like Blackstone and Advent International have also expressed interest in buying the stake.
Sources say M&M will pick up four to five percent staje which the rest could go to one or two more players.
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