BT is to sell about five per cent of Indian IT service provider Tech Mahindra for about $100m (£63m), two sources with direct knowledge of the situation said yesterday. The UK telecoms company is selling Tech Mahindra shares in the price band of 735 rupees (£8.3) to 790 rupees each, the sources said, a discount of 5 to 12 per cent from its closing price of 834.90 rupees yesterday. Tech Mahindra and BT declined to comment.
Tech Mahindra, which provides technology services to telecoms companies including BT and AT&T, is majority-owned by Mahindra & Mahindra, one of India’s largest makers of sports utility vehicles and tractors. The shares are expected to change hands on the Indian stock exchanges via block deals today.