Tech Mahindra buys 22.14% stake in Comviva from Bharti Group for Rs227 crore
New Delhi: IT firm Tech Mahindra on Friday said it has acquired additional 22.14% stake in Comviva Technologies Ltd (CTL) from Bharti Group for Rs226.9 crore.
Besides, the company is in the process of buying another 9.93% stake in CTL from Westbridge Ventures II Investment Holdings for a consideration of Rs101.75 crore in cash, it said in a BSE filing. “Tech Mahindra has acquired from the Bharti Group further stake of 22.14 per cent (48,41,050 equity shares) for a consideration of Rs 226.9 crore paid in cash,” it said.
It added that the process of acquiring 21.70 lakh equity shares from Westbridge Ventures II Investment Holdings (worth Rs101.75 crore) in cash is likely to be completed in this month. “Post this, Tech Mahindra will hold 99.17 per cent stake in CTL,” it said.
Shares of Tech Mahindra closed at Rs492.55 apiece, up marginally from its previous close on the BSE.