Tech Mahindra surges 5% on BT stake sale

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.

hidden December 12, 2012 11:35:41 IST
Tech Mahindra surges 5% on BT stake sale

Mumbai: 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.

Tech Mahindra surges 5 on BT stake sale

Tech Mahindra shares were up 4.3 percent as of 9:28 a.m.Reuters

BT was set to sell its 9.1 percent stake in the Indian IT services provider on Wednesday at a floor price of Rs 855 , according to a term sheet seen by Reuters.

The National Stock Exchange reported on Wednesday a block sale at Rs 871 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.

Reuters

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