Info-tech

Tech Mahindra sells 73.38% stake in arm to US-based Resolve Systems for $2 mn

PTI | Updated on August 18, 2019 Published on August 18, 2019

Telangana State Information Technology, Electronics and Communication department (ITE&C) signed an MoU with Tech Mahindra to launch India’s first Blockchain district. FILE PHOTO   -  The Hindu

Software major Tech Mahindra on Sunday announced the divestment of 73.38 per cent stake in its subsidiary FixStream Networks Inc to US-based Resolve Systems LLC for $2 million (approx Rs 14.22 crore).

“...In terms of the authority delegated by the Board of Directors we wish to inform divestment of 73.38 per cent equity investment held by the company in FixStream Networks Inc, USA, a subsidiary company,” Tech Mahindra said in a BSE filing.

The company said consideration received from this divestment is $2 million for the equity held by the company, subject to necessary adjustments.

Tech Mahindra said FixStream Networks Inc reported a revenue of $5.15 million and a loss of $5.19 million in 2018-19.

The transaction is expected to be completed by November 15 this year, subject to receipt of all statutory approvals.

Published on August 18, 2019
This article is closed for comments.
Please Email the Editor