New Delhi, March 15
Tech Mahindra will acquire a 70 per cent stake in Ireland-based Perigord Asset Holdings Ltd for around Rs 182 crore and plans to buy the remaining 30 per cent shareholding over a
Tech Mahindra acquires majority stake in Perigord Asset Holdings
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Last Updated: Mar 15, 2021, 10:19 AM IST
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This will strengthen the company’s presence in the artwork and packaging services space with an integrated platform and services portfolio.
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IT services firm
Tech Mahindra said today that it has acquired a 70% stake in Perigord Asset Holdings, a digital workflow and artwork, labelling and BPO services firm. This acquisition will help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors. This will strengthen the company’s presence in the artwork and packaging services space with an integrated platform and services portfolio. The company will pay Euro 21 million for a 70% stake, and the balance 30% over the next four years at a valuation linked to the company’s financial performance. Dublin, Ireland headquartered Perigord had revenues of 19.5 million euros as of December 3
We had mentioned in previous week’s closing report that Nifty, Sensex gains reversed due to fall in US pre-market futures. On Monday, the indices opened lower and closed with minor losses.
Key equity indices traded in a narrow range near the day s low in afternoon trade. The Nifty was trading below the 14,800 mark. Rising domestic inflation and increase in COVID-19 cases sapped investors appetite for risk assets.
At 13:20 IST, the barometer index, the S&P BSE Sensex, tanked 859.26 points or 1.69% at 49,932.82. The Nifty 50 index lost 256.65 points or 1.71% at 14,774.30.
Reliance Industries (down 2.25%), ICICI Bank (down 3.39%) and HDFC Bank (down 2.02%) were major drags.
The broader market tumbled. The S&P BSE Mid-Cap index declined 1.80%. The S&P BSE Small-Cap index dropped 1.12%.
Sellers outnumbered buyers. On the BSE, 898 shares rose and 2,049 shares fell. A total of 184 shares were unchanged.
Tech Mahindra gains over 2 per cent on acquisition of Perigord Asset Holdings Ltd thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.