Tech Mahindra to divest stake in SARL Djazatech

Tech Mahindra was trading flat on June 27 morning after the company said its step-down subsidiary, LCC France SARL, had approved a proposal to divest its 49 percent stake in SARL Djazatech along with its wholly owned subsidiary EURL LCCUK Algerie.

The stake sale is expected to be completed by July 10, 2023.

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Earlier this month, the tech company’s subsidiary Comviva Technologies Limited and its step down subsidiary, Comviva Technologies BV, agreed to sell 0.04 percent  and 99.96 percent shareholding in Comviva Technologies do Brasil Indústria and Comércio, Importação e Exportação Ltda on or before August 31, 2023.

The company also told exchanges that the 36th Annual General Meeting (AGM) of the company is scheduled on July 27.

At 9.24 am, Tech Mahindra was quoting at Rs 1,110.80, down 0.16 percent from the previous close, on the BSE.

The share touched a 52-week high of Rs 1,165.75 on September 12, 2022 and a 52-week low of Rs 965.00 on July 15, 2022.

It is trading 4.71 percent below its 52-week high and 15.11 percent above its 52-week low.