Domestic mutual funds have emerged as top buyers in the Tech Mahindra stake-sale on Thursday, according to the NSE and the BSE block and bulk deals disclosure. Mutual funds have bought shares worth about Rs 1,000 crore in the IT company.
There is a list of more than twenty investors, including Indian insurance companies and foreign investors, who have also bought stake in Tech Mahindra. Reliance MF, SBI MF, Birla MF, ICICI Prudential MF are some of the Indian mutual funds who have purchased shares in Tech Mahindra through bulk deals on the NSE. Some Indian insurance companies who have bought shares are Reliance Life Insurance, HDFC Standard Life, SBI Life, IDBI Life and Birla Insurance.
Merrill Lynch, Credit Suisse, Copthall Mauritius Investment, Blackrock, Kuwait investment, a Norway government fund are some overseas investors who bought shares in the Indian software company. The whole process of offloading and acquiring stake in Tech Mahindra took in place through about 40 block/bulk deals on the BSE and the NSE. This purchase comes after London-based British Telecom offloaded about 14.1 per cent stake worth about Rs 1,395 crore in Tech Mahindra on Thursday. British Telecom sold 17.9 million shares at an average price of Rs 777.73, said the company in a statement. British Telecom now holds only 9.1 per cent in Tech Mahindra. On Friday, Tech Mahindra closed at Rs 797.95, up 0.73 per cent on the BSE.