Tech Mahindra Ltd has approved the divestment of 73.38% equity investment held by the Company in FixStream Networks Ine., USA, a subsidiary company.
FixStream Networks Inc reported a revenue of USD 5.15 Mn and a Loss of USD 5.19 Mn in FY19.
The consideration to be received for disposal will be USD 2 Mn for the equity held by the company, subject to necessary adjustments. The transaction is not a material transaction for the Company.
The buyer is Resolve Systems LLC, a limited liability company organized under the laws of the State of Illinois, USA.
Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.659 as compared to the previous close of Rs. 658.95. The total number of shares traded during the day was 49016 in over 2042 trades.
The stock hit an intraday high of Rs. 660.9 and intraday low of 646.2. The net turnover during the day was Rs. 32009027.