Tech Mahindra gains 2% as Co to acquire 70% stake in Perigord

Shares of Tech Mahindra advanced 2 per cent to Rs 1,028; gaining 3 per cent from day’s low on the BSE on Monday, after the company said its board has approved the proposal for acquisition of majority stake in Perigord Asset Holdings Limited (Perigord), a digital workflow and artwork, labelling and BPO services firm. The stock of the IT consulting & services firm is trading close to its record high level of Rs 1,081.35, touched on January 11, 2021.

“The investment committee of the board of directors of the Company has approved the proposal to acquire 70 per cent equity shares in Perigord Asset Holdings Limited (“Perigord”) directly and indirectly through its wholly owned subsidiary viz. Mahindra Engineering Services (Europe),” Tech Mahindra said in exchange filing.

Perigord specializes in end to end, packaging supply chain solutions to the life sciences industry such as packaging, artwork & labelling services, strategic consultancy, creative and digital, strategic outsourcing, managed services and software solutions. This acquisition will help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors, the company said.

Tech Mahindra will acquire the Indian subsidiary of Perigord namely Perigord Data Solutions India Private Limited and Perigord Premedia (India) Private Limited. Mahindra Engineering Services (Europe) will acquire the other legal entities of Perigord. The transaction is expected to close by March 19, 2021.

With leading capabilities in the BPS (Business Process Services) segment along with the SaaS (Software as a Service) implementation and roll-out, the acquisition will further establish Tech Mahindra as a preferred service provider in the Life Sciences Industry across digital supply chain, the management said.