BT exits stake in Tech Mahindra

British telecom sells 9.1% stake in IT services provider for about $183 mn

British telecom group BT is selling its 9.1% stake in IT services provider Tech Mahindra in a deal expected to raise about $183 million, according to a term sheet seen by Reuters.

BT, which once owned about a third of the company, has been gradually paring its stake in Tech Mahindra, and with its stake sale on Tuesday it will exit the outsourcing services provider.

The Tech Mahindra shares are being sold at a floor price of Rs 855, the term sheet showed, a discount of 2.8% from Rs 879.50 closing price on Tuesday. The stock is up about 53% this year.