AT&T sells remaining 7% stake in Tech Mahindra

The $147 million block trade, which was anchored by one large buyer, comes just over one month after the US telecom operator bought an 8.07% stake in Tech Mahindra through the exercise of share options.

ATT yesterday sold its entire remaining stake in Indian IT services provider Tech Mahindra through a block trade, realising approximately Rs6.6 billion $147 million. The sale, which was completed before the Indian market opened, came just over a month after the US telecom operator acquired an 8.07% stake in Tech Mahindra through the exercise of a number of options that it obtained through an agreement with the Indian company in 2005.

The quick divestment prompted some concern among industry analysts that ATT may also reduce the amount of outsourcing business that it sends Tech Mahindra's way. ATT is the company's second largest customer, accounting for about 20% of the total revenue,...

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