Software major Tech Mahindra on August 18 announced the divestment of 73.38 percent stake in its subsidiary FixStream Networks Inc to US-based Resolve Systems LLC for $2 million (approx Rs 14.22 crore).
“…In terms of the authority delegated by the Board of Directors we wish to inform divestment of 73.38 percent equity investment held by the company in FixStream Networks Inc, USA, a subsidiary company,” Tech Mahindra said in a BSE filing.
The company said consideration received from this divestment is $2 million for the equity held by the company, subject to necessary adjustments.
Tech Mahindra said FixStream Networks Inc reported a revenue of $5.15 million and a loss of $5.19 million in 2018-19.
The transaction is expected to be completed by November 15, 2019 subject to receipt of all statutory approvals.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.