Tech Mahindra gains 1% as board approves acquisition of Japanese firm

The enterprise value of the deal is $19 1.5mn and it is expected to close by March 31, 2019.

Mar 15, 2019 06:03 IST India Infoline News Service

Shares of Tech Mahindra were trading 1% higher on Friday after the company’s board granted approval for the acquisition of K-Vision Co Ltd. through its wholly owned subsidiary Mahindra Engineering Services (Europe) Limited.

"The enterprise value of the deal is $19 1.5mn and it is expected to close by March 31, 2019. K-Vision is primarily engaged in providing network services for mobile communication carriers in Japan," the company said in a press note after markets hours to the exchanges on Thursday.

Tech Mahindra Ltd's share price is currently at Rs798.15, up by Rs9.65 or 1.22%, from its previous close of Rs788.50 on the BSE.

The scrip opened at Rs788.95 and has touched a high and low of Rs799.75 and Rs787.85, respectively. So far, 12,86,775 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs77,538.13cr.

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