Tech Mahindra Ltd's Wholly Owned Subsidiary Tech Mahindra (Singapore) Pte Limited has agreed to acquire 100 % equity shares in Tenzing Ltd. and Tenzing Australia Ltd. ("Tenzing Group").
The target entity is Tenzing Group. The company is headquartered in Auckland, New Zealand and it is engaged in the business of management consulting, digital transformation & technology services. The Company has around 145 employees. Turnover for the financial year ended 31st March, 2020 was US$ 27.4 million.
The acquisition will bring strong capabilities primarily in the Insurance vertical along with expanding footprint in the Australia and New Zealand (ANZ) market.
The cost of acquisition will be upto US$ 29.5 mn including earn-out.
Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.848.1 as compared to the previous close of Rs. 838.1. The total number of shares traded during the day was 215562 in over 4809 trades.
The stock hit an intraday high of Rs. 857 and intraday low of 833.4. The net turnover during the day was Rs. 182466780.