Tech Mahindra’s shares saw an increase of over 2% on August 20 after the company’s management approved the sale of a 103-acre land parcel in Hyderabad to Mahindra University. The deal, valued at Rs 535 crore, includes land and buildings with a total built-up area of approximately 1.26 million square feet spread over 17 buildings in Bahadurpally village.
It will be repaid in tranches over four years, with an 8.2 per cent annual interest levied till then. Tech Mahindra said the deal would not affect its operations as no business activity of the company was being carried out on the premises being sold.
This comes after Mahindra University, established under the Telangana State Private Universities Act, 2018, plans to stay as an autonomous institution dedicated toward societal advancement. Money accruing from the proceeds will be utilized in support of the continuance of growth at the varsity.
Its shares were 2.14% higher at Rs 1,628.85 on the NSE at 2:30 PM, compared to the previous session’s close. In the last one year, Tech Mahindra’s shares gained about 34%, outperforming the Nifty 50 index that posted a gain of 26% during similar period.
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Source: Moneycontrol
News Desk
