BT announces that it has today completed the sale of a 14.1% shareholding (17.9m shares) in Tech Mahindra Ltd. (Tech Mahindra) to institutional investors for total gross cash proceeds of INR 13,949 million (£158.6 million†) at INR 777.73 per share.Following this sale, BT has a 9.1% shareholding in Tech Mahindra but further sales may be considered in the future. The financial impact of the disposal is expected to be treated as an income statement specific item in BT's next financial results.
Tech Mahindra remains a key supplier to BT.
†Based on INR: Pound sterling exchange rate of 87.96:1.00
BT is one of the world's leading providers of communications services and solutions, serving customers in more than 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to its customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, BT Retail, BT Wholesale and Openreach.
In the year ended 31 March 2012, BT Group's revenue was £18,897m with profit before taxation of £2,445m.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.
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