Tech Mahindra subsidiary sells stake in Altiostar to Rakuten for $45 million

IT services major Tech Mahindra on Wednesday said its subsidiary has divested over 18.5 million shares in Altiostar Networks for USD 45 million (about Rs 331 crore) to Rakuten USA, Inc.

“Tech Mahindra (Americas) Inc – an 100 per cent subsidiary of Tech Mahindra Ltd – divested its holding of 18,518,518 C1 Preferred shares in Altiostar Networks,” Tech Mahindra said in a regulatory filing.

Given that it is a minority investment, there is no contribution to turnover/revenue/income and net worth by Altiostar Networks, Inc during last financial year, it added.

“The buyer is Rakuten USA, Inc,” the filing said, adding the consideration received from the sale is USD 45 million.