Mahindra & Mahindra to buy 5.5% of BT's stake in Tech Mahindra
Auto giant Mahindra & Mahindra on Friday, said it has agreed to acquire 5.5 per cent of IT firm Tech Mahindra's stake from UK-based British Telecommunications Plc (BT).
UK’s largest fixed-line phone company BT holds 30 per cent stake in Tech Mahindra. "Pursuant to a proposal received from BT, the company has agreed to acquire 5.5 per cent of the equity shares of Tech Mahindra from BT over time through an inter-se transfer among qualifying promoters at a market related price, in accordance with the SEBI regulations," M&M said in a filing to the Bombay Stock Exchange.
Financial details of the deal were not disclosed. M&M will also waiver rights to buy BT’s remaining stake in the software services provider, and the agreement will automatically terminate if BT’s stake in Tech Mahindra falls below 10 per cent, the filing said.
The company has also agreed to consider further proposals from BT in this regard, it added. Meanwhile, M&M share was trading at Rs 759.80, down by 2.75 per cent from its previous close on the BSE.
Enter your email to get our daily newsletter in your inbox
- In an interaction with members of the Indian Women’s Press Corps (IWPC), Sitharaman said that consumer sentiment about the tax burden on auto fuel was understandable.
- Nearly 1.1 million vaccine doses were administered to people above the age of 60 and those in the 45-59 age group till Thursday.
- Mohapatra said the idea came during Modi’s meeting with Marriott International president and chief executive Arne Sorenson, who complained about the complex regulations in starting and running a hotel in India.
- ICICI Bank’s move comes days after rival lenders such as State Bank of India (SBI), Kotak Mahindra Bank and Housing Development Finance Corp. Ltd cut their home loan rates.
- These votes will have to be disclosed to unit holders under existing regulations. Voting will be at the MF level (rather than scheme level).
- Supply of vehicles from Maruti Suzuki India Ltd—as part of the alliance with Suzuki Motor Corp—has helped Toyota increase its domestic market share in the premium hatchback and entry-level SUV segment, where it was not present before.
- The top three states by GVA were Maharashtra, Gujarat, and Tamil Nadu. They had a share of 41% in the total GVA. Rural India added nearly as much GVA (49%) as urban India (51%).
- Using average consumption shares to calculate the burden of an indirect tax has a problem.
- Retail buyers continued to purchase gold in India as prices declined to a near one-year low.