BT selling $100 mn stake in Tech Mahindra: Sources

BT Group Plc is selling some of its shares in Indian IT services provider Tech Mahindra in a deal that is expected to raise about USD 100 million, reports CNBC-TV18 quoting sources.

BT, which had a 23% stake in Tech Mahindra at end-June, is expected to cut its stake by about 5% through the share sale, said the sources, declining to be named as the process is not public yet.
The Tech Mahindra shares are being sold in the price band of Rs 735 to Rs 790 each, the sources said, a discount of about 5% to 12% from its Wednesday close price of Rs 834.90.
BT has the option to upsize the block deal to USD 150 million. JPMorgan and Credit Suisse are the bankers to the deal.
The UK-based firm will sell 7.1 million shares of Tech Mahindra. Post stake sale, BT’s holding in Tech Mahindra will be between 14.73% and 17.54%. 
The block deal will happen on Thursday.