BT selling $100 mln stake in Tech Mahindra: sources

BT-TECHMAHINDRA:BT selling $100 mln stake in Tech Mahindra: sources

BT Group Plc is selling some of its shares in Indian IT services provider Tech Mahindra in a deal that is expected to raise about $100 million, two sources with direct knowledge of the situation said on Wednesday.

BT, which had a 23 percent stake in Tech Mahindra at end-June, is expected to cut its stake by about 5 percent through the share sale, said the sources, declining to be named as the process is not public yet.

The Tech Mahindra shares are being sold in the price band of 735 rupees to 790 rupees each, the sources said, a discount of about 5 percent to 12 percent from its Wednesday close price of 834.90 rupees.