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Tech Mahindra has acquired an additional of 22.14% stake in Comviva Technologies Ltd (CTL) from Bharti Group for Rs.226.9 crore.
The company stated, “Tech Mahindra has acquired from the Bharti Group further stake of 22.14 percent (48,41,050 equity shares) for a consideration of Rs 226.9 crore paid in cash.”
Further it said that, the company is in the process of buying 21.70 lakh equity shares worth Rs.101.75 crore, from Westbridge Ventures II Investment Holdings, in cash which is expected to be completed by this month. Moreover, post acquisition Tech Mahindra will hold 99.17% stake in CTL.
