Tech Mahindra's gains 55 percent on listing

By Indo Asian News Service | Monday, August 28, 2006 | 5:14:04 PM IST (+05:30 GMT) Comment 0 Comment

Mumbai, Aug 28 (IANS) The shares of Tech Mahindra Ltd, a joint venture between India's leading tractor and utility vehicle maker Mahindra & Mahindra Ltd and Britain's BT Group Plc, rose to as much as 55 percent of its offer price on its debut Monday.

Mumbai, Aug 28 (IANS) The shares of Tech Mahindra Ltd, a joint venture between India's leading tractor and utility vehicle maker Mahindra & Mahindra Ltd and Britain's BT Group Plc, rose to as much as 55 percent of its offer price on its debut Monday.

The stock rose as high as Rs.566.7 on the Bombay Stock Exchange (BSE) with a volume of 3.13 million shares, making it the top traded counter, before closing at Rs.553.

The leading telecom software firm had raised Rs.4.65 billion selling 12.746 million shares in an initial public offering (IPO).

The IPO in early August was oversubscribed 78 times and it was priced at the upper end of a Rs.315-365 band.

While, Mahindra & Mahindra holds 51 percent in Tech Mahindra, which provides IT strategy, system implementation and maintenance and other services to telecom companies, the British partner has a 36 percent stake.

'We are very pleased with this response and now we have to keep up with the expectations of the shareholders,' Tech Mahindra chairman Anand Mahindra told reporters in Mumbai after the listing.

'All of us were surprised at the overwhelming response we received to the public issue,' Tech Mahindra chief executive Vineet Nayyar said.

'India has only $1.7 billion of a $60 billion global market for telecom services and there is a huge opportunity out here,' Nayar added.

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