Stocks

Tech Mahindra sells stake in Altiostar Networks for $45 mn; shares down 1.5%

Internet Desk | Updated on September 23, 2020 Published on September 23, 2020

IT services major Tech Mahindra on Wednesday said its subsidiary has divested over 18.5 million shares in Altiostar Networks for USD 45 million (about Rs 331 crore) to Rakuten USA, Inc.

“Tech Mahindra (Americas) Inc - an l00 per cent subsidiary of Tech Mahindra Ltd - divested its holding of 18,518,518 C1 Preferred shares in Altiostar Networks,” Tech Mahindra said in a regulatory filing.

Given that it is a minority investment, there is no contribution to turnover/revenue/income and net worth by Altiostar Networks, Inc during the last financial year, it added.

The company's shares gave up the gains of the day, and it is currently trading down 1.57 per cent to Rs 787.90.

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Published on September 23, 2020
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