BT Group Plc raised $251 million selling part of its stake in Tech Mahindra Ltd. to institutional investors, according to a person with knowledge of the matter.
The U.K’s largest fixed-line phone company sold a 14.1 percent stake in Tech Mahindra at an average price of 778 rupees per share, said the person, who asked not to be named as the information isn’t public. Tech Mahindra shares fell 5 percent to 793.05 rupees at the close in Mumbai.
BT held a 23.2 percent stake in Tech Mahindra worth 24.7 billion rupees ($444 million) as of yesterday’s closing price of 834.9 rupees a share, data compiled by Bloomberg show.
BT spokesman Dan Thomas declined to comment on the deal. Credit Suisse Group AG and JPMorgan Chase & Co. are managing the sale, the person said.
Indian companies have raised 349 billion rupees from share sales this year, a majority of which came from block trades to institutions, according to data compiled by Bloomberg.
BT sold a 5.5 percent stake in Tech Mahindra to automobile maker Mahindra & Mahindra Ltd. in December 2010 for 4.5 billion rupees. Tech Mahindra will continue to be a “key strategic supplier,” BT had said at the time.