By Sumeet Chatterjee
MUMBAI (Reuters) - BT
The Tech Mahindra shares are being sold at a floor price of 855 rupees, according to a term sheet seen by Reuters, a discount of 2.8 percent from Tuesday's 879.50 rupees closing price. The stock is up about 53 percent this year.
BT, which set up technology outsourcing services provider Tech Mahindra with India's Mahindra & Mahindra Ltd
It sold 14.1 percent of Tech Mahindra stake for about $250 million in August.
Britain's biggest fixed-line telecoms company is also one of the major clients of Tech Mahindra, which provides technology services to global telecoms operators, and its exit is likely to cloud the outlook for future contracts from BT.
BT had to rely on deep cost cuts to maintain its full-year earnings outlook after an adverse regulatory ruling and weak European corporate demand sent revenues down 9 percent in the second quarter.
BT's stake sale in Tech Mahindra adds to a busy week for equity offerings in Asia's third-largest economy, with more than $2 billion worth of share deals likely to be closed by Friday, after a lacklustre first half of the year.
The government's sale of a $1.1 billion stake in miner NMDC Ltd
(Additional reporting by Indulal P.M. and Abhishek Vishnoi; editing by Dan Lalor and Keiron Henderson)