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Wednesday, April 28, 2010

AT&T exits stake in Tech Mahindra, say sources

US telecom giant AT&T has sold its remaining stake of more than 7% in Indian IT services firm Tech Mahindra, mostly to Life Insurance Corp. of India, sources with direct knowledge of the deal said.

The terms were not immediately available, but stock exchange statements on Wednesday said two blocks of 4.3 million shares in Tech Mahindra, totalling 7%, had been sold in block trades at Rs797.80 and Rs799.80 each, or about $154 million.

AT&T’s stake in Tech Mahindra, which had been about 8% until recently, had made it the third-largest shareholder in the company, just ahead of Life Insurance Corp of India, according to Reuters data.

Citigroup handled AT&T’s share sale.

Shares in Tech Mahindra were down 3.26% at Rs778.70 at 10.40 a.m.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 05
23:00 Fed's Harker speech 2
23:00 Fed's Schmid speech 2
Friday, Jun 06
11:30 Halifax House Prices (MoM) 1 -0.4% 0.4% 0.3%
11:30 Halifax House Prices (YoY/3m) 1 2.5% 3.2%
12:30 Foreign Currency Reserves 1 704B 703B
18:00 Nonfarm Payrolls 3 130K 177K
18:00 Average Weekly Hours 1 34.3 34.3
18:00 Average Hourly Earnings (YoY) 3 3.7% 3.8%
18:00 Unemployment Rate 2 4.2% 4.2%
18:00 U6 Underemployment Rate 2 7.8%
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