Tech Mahindra Americas To Divest 30% Stake In Avion Networks

Tech Mahindra Americas Inc. has approved the divestment of 30% stake in Avion Networks Inc. on Monday.

Avion Networks has made no contribution to the consolidated turnover or net worth of the company for the year ended March 31, 2023, according to the exchange filing.

The company will receive a consideration amount worth $50,000 (approximately Rs 41 lakh) and the stake sale is expected to be completed by Oct. 31, it said. Tech Mahindra Americas is a fully owned subsidiary of Tech Mahindra Ltd.

Shares of Tech Mahindra closed 1.32% lower at Rs 1,155.15 apiece, as compared with a 1.26% fall in the benchmark BSE Sensex.