Tech Mahindra gains on Japanese firm acquisition announcement

Shares of Tech Mahindra gained 1.4 percent intraday Friday after company approved to acquire 100 percent stake in Japanese company.


The investment committee of the board of directors of the company has approved the proposal to acquire 100% shareholding in K-Vision Co through its wholly owned subsidiary i.e. Mahindra Engineering Services (Europe), company said in BSE release.


The enterprise value of the deal is USD 19 1.5 million 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.

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