British Telecommunications BT has sold a Rs13.9 billion $251 million stake in Tech Mahindra through a block trade, more than halving its holdings in the Indian company.
The UK telecom operator initially planned to sell $100 million worth of shares, with an upsize option of a further $50 million, but sources said that the deal size was increased due to strong demand.
The sale, which was launched on Wednesday evening and completed yesterday, will reduce BT’s stake in the Indian IT company to about 9.1% from 23.16%. BT is a wholly owned subsidiary of BT Group, which is listed in London and New York.
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