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Tech Mahindra said on Friday that the company has sold 100 percent stake in Dinacommerce Holdings BV, the company’s wholly owned subsidiary.
“The Company has approved the sale of 100% of the shares in Dinacommerce Holdings BV, the Company’s wholly-owned subsidiary, to Comviva Netherlands BV, the Company’s withdrawing subsidiary,” the company said in its corporate filing.
It is expected that the agreement will be signed during the first week of January 2023 with 6.6 million euros.
“The buyer is Comviva Netherlands BV, a wholly owned subsidiary of Comviva Technologies Limited, a subsidiary of Tech Mahindra,” Tech Mahindra added in its filing.
Recently, India’s life insurance giant LIC increased its stake in Tech Mahindra to 6.874%. Earlier, LIC held 4.863% of the paid up capital of the IT department. Additionally, LIC’s stake in Tech Mahindra increased by 2.011%. LIC increased its stake in Tech Mahindra by buying in the open market.
IT services exporter Tech Mahindra reported a decline in consolidated profit after tax of 4 per cent year-on-year (PAT) on ₹1,285.4 million in the second quarter of FY23 (July-September), as higher expenses neutralized revenue growth. The company made a profit of ₹1,338.7 million in the year-ago period.
Revenue for the quarter is in ₹13,129.50 million, which is 20.6 percent more compared to the same period of the previous year ₹10,881.30 crore in the corresponding quarter last year.
Accordingly, revenue increased by 3.3%. In constant currency (CC) terms, dollar revenue rose nearly 3% sequentially.
The company’s prices ended with a decrease of 0.078 percent ₹1,021.90 on the Belgrade Stock Exchange.
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