Tech Mahindra gains on share block sale price

Tech Mahindra rose as much as 4.9 per cent on Wednesday after a block sale of 9.3 million shares, widely seen as coming from BT, fetched a higher-than-expected price.

BT was set to sell its 9.1 per cent stake in the Indian IT services provider on Wednesday at a floor price of Rs 855, according to a term sheet seen by Reuters.

The National Stock Exchange reported on Wednesday a block sale at Rs 871 per share. The exchange did not name the seller, but traders widely attributed it to BT.

Tech Mahindra shares were up 4.3 per cent as of 9:28 a.m.

Copyright @ Thomson Reuters 2012