Tech Mahindra gains as board approves Inter-Informatics acquisition
Tech Mahindra has received an approval from its board to acquire 100 per cent shareholding on a fully diluted basis in Inter-Informatics spol.s.r.o., an entity based in the Czech Republic through its wholly-owned subsidiary, Mahindra Engineering Services (Europe).
Inter-Informatics is an engineering services company with clients primarily in three industries namely aerospace, rail and machinery. The enterprise value of the deal is Euro 5.4 million.
The deal will bolster Tech Mahindra's presence in the cabin engineering space and also provide a highly skilled engineering team focused on the aerospace vertical and is expected to close by September 15, according to the filing.
In the past one week, high and low of the scrip stood at Rs. 722.55 and Rs. 660.00 respectively. The current market cap of the company is Rs. 70182.09 crore. The promoters holding of the company stood at 35.98 per cent, while Institutions and Non-Institutions held 51.66 per cent and 12.37 per cent, respectively.
On Thursday’s session, the stock has opened at Rs.715.85 per share and touched a high of 722.55 and on 11:19 am,s the stock was quoting at Rs. 715.85 per share on BSE.