TechM buys 22.14% stake in Comviva from Bharti group for Rs 227 crore

Chief Executive Officer and Managing Director of Tech Mahindra CP Gurnani looks on during a meeting with Italian engineer and designer Paolo Pininfarina (not pictured) in downtown Turin, northern Italy, December 14, 2015. REUTERS/Giorgio Perottino - RTX1YNFP

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IT firm Tech Mahindra today said it has acquired additional 22.14 percent stake in Comviva Technologies Ltd (CTL) from Bharti Group for Rs 226.9 crore.

Besides, the company is in the process of buying another 9.93 percent stake in CTL from Westbridge Ventures II Investment Holdings for a consideration of Rs 101.75 crore in cash, it said in a BSE filing.

"Tech Mahindra has acquired from the Bharti Group further stake of 22.14 percent (48,41,050 equity shares) for a consideration of Rs 226.9 crore paid in cash," it said.

It added that the process of acquiring 21.70 lakh equity shares from Westbridge Ventures II Investment Holdings (worth Rs 101.75 crore) in cash is likely to be completed in this month.

"Post this, Tech Mahindra will hold 99.17 percent stake in CTL," it said.

Shares of Tech Mahindra closed at Rs 492.55 apiece, up marginally from its previous close on the BSE.