Tech Mahindra's step-down subsidiary LCC Middle East FZ announces to sell 100% stake in LCC Pakistan

Highlights:  

1. LCC Middle East FZ LLC will sell its 100% shareholding in LCC Pakistan to Talkpool AG

2. The deal is expected to be completed by October 31 this year

3. Total consideration for the sale of shares will be $5.2 million 

India's homegrown IT services major Tech Mahindra announced on Wednesday that its step-down subsidiary has agreed to sell its 100% shareholding in LCC Pakistan to Talkpool AG from Switzerland. 

"...We wish to inform that one of the company's step down subsidiary that is LCC Middle East FZ LLC agreed to sell its 100% shareholding in LCC Pakistan to Talkpool AG, Switzerland, today," cited Tech Mahindra in  a filing to the BSE.

ALSO READ: Tech Mahindra's stocks fall nearly 17% in early trade after posting 33% decline in Q4 profit

Tech Mahindra's subsidiary LCC Middle East FZ has entered into the agreement for the sale of its 100% stake in LCC Pakistan on June 20 this year.

The deal is expected to be completed by October 31 this year. 

"Total consideration for the sale of shares will be $5.2 million (nearly Rs 34.6 crore)," Tech Mahindra said in a statement. 

Talkpool AG is a Switzerland based entity which is into network design, engineering, implementation and managing service designs.

At 11:12 hours, the stock of Tech Mahindra was trading up 0.08% or Rs 0.30 at Rs 394.75 on BSE.

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