Tech Mahindra gains on Japanese firm acquisition announcement

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Tech Mahindra gains on Japanese firm acquisition announcement

Shares of Tech Mahindra gained 1.4 percent intraday Friday after company approved to acquire 100 percent stake in Japanese company.

The investment committee of the board of directors of the company has approved the proposal to acquire 100% shareholding in K-Vision Co through its wholly owned subsidiary i.e. Mahindra Engineering Services (Europe), company said in BSE release.

The enterprise value of the deal is USD 19 1.5 million and it is expected to close by March 31, 2019.

K-Vision is primarily engaged in providing network services for mobile communication carriers in Japan.

The company’s buyback offer is going to open on March 25 and will close on April 5, 2019.

The offer is to buyback up to 2,05,85,000 equity shares of Rs 5 each of the company at a price of Rs 950 per share.

At 11:00 hrs Tech Mahindra was quoting at Rs 796.50, up Rs 8, or 1.01 percent on the BSE.

The share touched its 52-week high Rs 840.10 and 52-week low Rs 603 on 21 February, 2019 and 20 March, 2018, respectively.

Currently, it is trading 5.26 percent below its 52-week high and 32 percent above its 52-week low.

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Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-03-16 06:47:25

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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