Tech Mahindra gains on plan to acquire 75% stake in FSNI for $10 million

Tech Mahindra is currently trading at Rs. 1784.95, up by 15.15 points or 0.86% from its previous closing of Rs. 1769.80 on the BSE. The scrip opened at Rs. 1780.50 and has touched a high and low of Rs. 1789.50 and Rs. 1777.00 respectively. So far 1,088 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1936.35 on 06-Mar-2014 and a 52 week low of Rs. 895.25 on 21-May-2013. Last one week high and low of the scrip stood at Rs. 1789.50 and Rs. 1735.05 respectively. The current market cap of the company is Rs. 41,683.00 crore. The promoters holding in the company stood at 36.29% while Institutions and Non-Institutions held 48.80% and 14.91% respectively. Tech Mahindra has entered into an agreement to acquire 75% stake in Fix Stream Networks Inc., (FSNI), a technology startup company at a consideration of $10 million. FSNI is going to develop emerging technology which will benefit Tech Mahindra’s customer base. The company has entered into an agreement on April 18, 2014 and the acquisition is subject to necessary regulatory approvals. 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.