Tech Mahindra buys 22.14 per cent stake in Comviva from Bharti for Rs 227 crore

NEW DELHI: IT firm Tech Mahindra today said it has acquired additional 22.14 per cent stake in Comviva Technologies Ltd (CTL) from Bharti Group for Rs 226.9 crore.

Besides, the company is in the process of buying another 9.93 per cent stake in CTL from Westbridge Ventures II Investment Holdings for a consideration of Rs 101.75 crore in cash, it said in a BSE filing.

"Tech Mahindra has acquired from the Bharti Group further stake of 22.14 per cent (48,41,050 equity shares) for a consideration of Rs 226.9 crore paid in cash," it said.


It added that the process of acquiring 21.70 lakh equity shares from Westbridge Ventures II Investment Holdings (worth Rs 101.75 crore) in cash is likely to be completed in this month.

"Post this, Tech Mahindra will hold 99.17 per cent stake in CTL," it said.

Shares of Tech Mahindra closed at Rs 492.55 apiece, up marginally from its previous close on the BSE.