Telecom giant AT&T International has sold seven per cent stake for about Rs 655

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crore in Tech Mahindra in two open market transaction on Wednesday, just over a month after exercising an option to buy eight percent. Insurance giant Life Insurance Corporation of India has picked up majority of the shares.

As per data on the stock exchanges, AT&T has sold over 43 lakh shares at Rs 762.39 apiece on BSE and 43 lakh shares on NSE at Rs 762.44 a share. LIC picked up about 37.6 lakh shares on BSE and about 36 lakh shares on NSE, at Rs 762 per share.

As of March, AT&T had 98.7 lakh shares, or 8.07 per cent stake, in the company.

AT&T had the option to buy about 99 lakh shares before July 31 or when fees AT&T, a customer, paid to the software developer reached a certain level, according to the Pune, India-based company’s initial share sale document in 2006. After Wednesday’s tran­s­a­ction, LIC has increased its stake to about 12 per cent. Tech Mahindra shares were down over five per cent to a intra day low of Rs 762. However, the shares pared some losses and closed at Rs 770.05 on BSE.

Rahul Jain, analyst at Angel Broking told Financial Chronicle over phone that the sale is neither a positive nor a negative to the company. Tech Mahindra was not reachable for comments. About 51.43 lakh shares were traded on BSE and 59.2 lakh shares were traded on NSE.