TechM gains post selling stake in Terra Payment Services

Information Technology Company, Tech Mahindra, on Wednesday gained and ended the trading session with positive numbers post company’s announcement that its subsidiary-Comviva Technologies has agreed to sell its 100 per cent shareholding in Terra Payment Services (Netherlands) BV, a step-down subsidiary of the company.

In an exchange filing made on Tuesday after market hours, the company stated that Tech Mahindra sold Terra Payment Services (Netherlands) BV and its subsidiaries for an upfront payment of $9 million and a bonus payout of $13.8 million to Prime V Holding 2 EV (incorporated under laws of Netherlands) and French partnership firm-Partech Africa SLP on March 3, 2020.

Nevertheless, the companies had entered into an agreement on September 12, 2019 but the transaction was completed on Tuesday, the statement added. It further said that the transaction was carried out because Comviva Technologies wanted to exit mobile interoperability platform business.

At the time of market closing on Wednesday, the stock of Tech Mahindra Ltd was trading at Rs 771.00, up by 2.45 per cent against its previous close of Rs 752.55. Its 52-week high is Rs 846.00 while, its 52-week low is Rs 607.90 on BSE.