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Tech Mahindra surges on getting approval to acquire 100% shareholding in K-Vision

Tech Mahindra surges on getting approval to acquire 100% shareholding in K-Vision

Tech Mahindra is currently trading at Rs. 793.25, up by 4.75 points or 0.60% from its previous closing of Rs. 788.50 on the BSE.

The scrip opened at Rs. 788.95 and has touched a high and low of Rs. 799.75 and Rs. 788.95 respectively. So far 9285 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 840.10 on 21-Feb-2019 and a 52 week low of Rs. 603.00 on 20-Mar-2018.

Last one week high and low of the scrip stood at Rs. 815.95 and Rs. 775.65 respectively. The current market cap of the company is Rs. 77538.13 crore.

The promoters holding in the company stood at 35.94%, while Institutions and Non-Institutions held 51.49% and 12.58% respectively.

Tech Mahindra has received approval to acquire 100% shareholding in K-Vision a Japanese corporation through its wholly owned Subsidiary — Mahindra Engineering Services (Europe). The cost of acquisition is $1.5 million.

The objective of acquisition is intends to leverage the local presence and expertise of K-Vision to build its network services business in Japan in the near term. The company will support the 4G and 5G network – build and roll-out in Japan for large telecom players.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

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