LIC grabs 6% stake of AT&T in Tech Mahindra

LIC-ATT-Tech-MahindraAfter the US-based telecom services provider AT&T has sold a 6.02 per cent stake in Pune-headquartered Tech Mahindra, it is now clear that the state-owned Life Insurance Corporation (LIC) grabbed onto the opportunity and purchased the stake for an estimated Rs 560 crore.

With the latest deal in place, LIC now holds a whopping over 12% stake in Tech Mahindra and also an additional 4% stake in Mahindra Satyam. While AT&T sold its over 7% stake in Tech Mahindra, the names of the buyers other than LIC haven't been disclosed by the company.

It may be noted here that AT&T had acquired an 8.07 per cent stake in TM for $34.5 million (Rs 155 crore). In fact, the company bought these shares exercising its right to buy a stake in the company.

With AT&T contributing close 18% of the total revenues of the Tech major, it is believed to be the second biggest client after BT. However, it is believed that the stake sales will not impact the business between the two parties and both the parties have assured of a smooth journey in times to come.