Tech Mahindra surges after bulk deals

According to Bloomberg reports around 9.32 million shares representing 7.3% of equity have change hands on the NSE.

Tech Mahindra has rallied 5% to Rs 922 on reports that more than 7% of total equity of the company has changed hands via bulk deals.

According to Bloomberg reports around 9.32 million shares representing 7.3% of equity have change hands on the National Stock Exchange.

BT Group Plc, Britain’s biggest fixed-line phone company, which held 23.23% stake in Tech Mahindra as on September 30, 2012, is selling its holding in the company through a sale of shares to institutional investors to raise at least Rs 990 crore, the report suggests.

The stock had opened at Rs 877 and hit a high of Rs 931.55 on the NSE in opening deals.