Tech Mahindra has signed an agreement to acquire 49 percent equity shares in Tech Mahindra South Africa Ltd and 4 percent equity shares in Tech Mahindra Holdco Ltd for a cash consideration of 62 million South African Rand or about Rs 29.69 crore.

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Tech Mahindra South Africa Ltd was set up as a Joint Venture company with Tech Mahindra holding 51 percent while Tech Mahindra Holdco Ltd was set up with Tech Mahindra holding 96 percent.

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“The partner in the JV viz., M/s Falcorp Technologies Proprietary Limited is exiting the JV and the shareholding is being acquired in terms of the JV Agreement entered into earlier,” Tech Mahindra said in an exchange filing.

On Monday, shares of Tech Mahindra settled 0.2 percent lower at Rs 1,056.85.

During the June quarter, the IT giant reported a 16.4 percent year-on-year (YoY) decline in net profit at Rs 1,131.6 crore while the constant currency revenue growth stood at 3.5 percent quarter-on-quarter compared with 2.5-3 percent in the March quarter.

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