Tech Mahindra Ltd's wholly owned subsidiary Tech Mahindra (Americas), Inc. has agreed to acquire 6.03% equity shares in VitalTech Holdings, Inc.
The target entity is VitalTech Holdings, Inc. headquartered in Plano, Texas. It is engaged in the business of cloud-based Telehealth and remote patient monitoring platform development and services. It has 35 full-time employees and 10 on contract basis. For the first year of commercial launch in 2019, the target company's turnover was US$ 0.396 million. Year-to-Date turnover as of 30th September, 2020 is US$ 2.2 million.
The cost of acquisition is US$3mn. The Company also has an option to invest an additional amount of upto US$5mn till January 2021.
Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.838.1 as compared to the previous close of Rs. 845.3. The total number of shares traded during the day was 91572 in over 3192 trades.
The stock hit an intraday high of Rs. 853.9 and intraday low of 828.8. The net turnover during the day was Rs. 76946570.