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AT&T to pick up 8% stake in Tech Mahindra

AT&T to pick up 8% stake in Tech Mahindra
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First Published: Tue, Mar 23 2010. 11 58 PM IST
Updated: Tue, Mar 23 2010. 11 58 PM IST
Mumbai: US-based telecommunications firm AT&T Inc. on Tuesday exercised its options to acquire 9.9 million shares, or an 8.07% stake, in Tech Mahindra Ltd, the Indian information technology firm said in a filing to the Bombay Stock Exchange (BSE).
According to the initial public offering prospectus of Tech Mahindra, AT&T, or SBC Communications Inc, as the US firm was known earlier, had entered into an options agreement in May 2005 as part of a technology outsourcing contract it gave Tech Mahindra. AT&T is Tech Mahindra’s second-largest client.
At the end of December 2009, Tech Mahindra’s promoters included Mahindra and Mahindra, which held a 43.99% stake, and British telecom company BT Group Plc, which had a 30.86% stake.
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First Published: Tue, Mar 23 2010. 11 58 PM IST
More Topics: AT&T | Tech Mahindra | BSE | Markets | Telecom |