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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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