AT&T Inc. seems to have fully exited its investment in Tech Mahindra today. Based on the information available from the stock exchanges, AT&T sold 8.6 million shares of the Indian company @ Rs. 762.50/- each. Most of the shares were bought by the Life Insurance Corporation of India, whose stake could have increased to 13.4% post the deal.
The sale should come as a surprise since AT&T International had bought these shares from Mahindra BT Investment Company (Mauritius) Ltd in an off market deal in March 2010. However, the deal was a part of an “Option Agreement” dated May 10 2005 between the promoters of Tech Mahindra and SBC International, set to expire on July 31 2010.
Note that, in Jan 2005, SBC Communications Inc. acquired AT&T Corp., and the combined company was subsequently renamed AT&T Inc.
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