The IT major stated that its subsidiary Comviva Technologies along with the company's step down subsidiary Comviva Technologies B.V. has agreed to sell 0.04% and 99.96 % shareholding in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda.

The stake has been sold to Druid Internet Systems Comércio E Serviços Ltda. Druid is private limited company incorporated in the year 1998 under the laws of Brazil.

As on 31 March 2023, Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda had recorded turnover of $3.71 million and its networth was $0.63 million.

TechM will receive an upfront payment of $20,000 and the remaining amount of $1.420 million would in the form of deferred payment.

Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda, Brazil, is engaged in the business of providing Software products, solutions and services.

The company said that the aforementioned divestment is being done to exit the product line without impacting the customers being served.

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.

The scrip rose 0.12% to end at Rs 1122.30 on the BSE on Friday.