Tech Mahindra to buy 18.1 pc stake each in lnfotek Software and Systems

New Delhi: IT services major Tech Mahindra Tuesday said it will acquire 18.1 per cent stake each in Infotek Software and Systems (ISS) and Vitaran Electronics for a consideration of up to Rs 13 crore.

“…the Investment Committee of the Board of Directors of the company has approved the proposal to acquire 18.1 per cent equity shares each of ISS and Vitaran Electronics,” Tech Mahindra said in a regulatory filing.

The cost of transaction — being carried out in cash — is up to Rs 13 crore, it added.