Tech Mahindra Ltd's Wholly Owned Subsidiary Tech Mahindra (Singapore) Pte Ltd has agreed to acquire 100% stake in Momenton Pty. Ltd.
The target entity is Momenton Pty. Ltd. ("Momenton"). The company is headquartered in Melbourne, Australia and has approximately 55 employees. Turnover for the financial year ended 30th June, 2020, was AUD 10.8 million.
Momenton is a cloud and engineering services provider with a Banking and Financial Services (BFS) focus. The acquisition will enhance Tech Mahindra's digital transformation capabilities and provide Tech Mahindra a scaled up presence in the Australian BFS market.
The cost of acquisition will be upto AUD 14.3 million including earn-out. The transaction is expected to close by 31st March, 2021.
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.