The stake sale is expected to be completed by 10 July 2023.

Explaining the rationale for the sale of entity, Tech Mahindra said that there was no contribution in terms of turnover or net worth in the consolidated turnover or net worth of the company from these entities, therefore it was decided to divest to optimize the compliance cost and risks.

Tech Mahindra is focused on leveraging next-generation technologies including 5G, blockchain, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.

The IT major's consolidated net profit declined 13.8% to Rs 1,117.7 crore in Q4 FY23 as against Rs 1,296.6 crore posted in Q3 FY23. Revenue from operations fell marginally to Rs 13,718.2 crore in Q4 FY23 as against Rs 13,734.6 crore recorded in Q3 FY23.

Shares of Tech Mahindra added 0.08% to Rs 1,113.45 on the BSE.