Tech Mahindra –Buy- Angel Securities
AT&T has exercised its option to acquire 9.87 million amounting to 8.07% stake in Tech Mahindra from MBTM, Mauritius based subsidiary of Tech Mahindra.
The stake transfer was part of the equity option offered in May’2005 (pre IPO of Tech Mahindra ) to AT&T as part of the sweetener to the $350 million deal it signed at that time. AT&T (second largest client) has exercised the option as Tech Mahindra has achieved the desired revenue milestone and emphasizes the strong client confidence, which further enforces our positive view on the stock. We maintain BUY on Tech Mahindra, with a target price of Rs1,168.
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