Tech Mahindra share price gains on approval to acquire 70% stake in Perigord Asset Holdings

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The Perigord acquisition is a part of Tech Mahindra’s long-term growth plan to build presence across key markets in Ireland, Germany, USA, and India with enhanced global delivery

Tech Mahindra. | Representative Image

Tech Mahindra. | Representative Image

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Tech Mahindra share price added a percent in the morning session on March 15 and was the top index gainer after the IT major said it plans to acquire 70 percent stake in an Irish company.

“We wish to inform that the Investment Committee of the Board of Directors of the Company has approved the proposal to acquire 70 percent equity shares in Perigord Asset Holdings directly and indirectly through its wholly-owned subsidiary viz. Mahindra Engineering Services (Europe) Ltd,” the company said in an exchange filing.

“The strategic partnership will strengthen Tech Mahindra’s position as a leading digital transformation enabler in the artwork and packaging services space with an integrated platform and services portfolio. Additionally, Tech Mahindra will leverage Perigord’s expertise and offerings to extend capabilities towards delivering efficiency and automation levers, across sectors including consumer-packaged goods (CPG), medical devices and over the counter (OTC) products to enable growth and scalability in the future,” it added.

The acquisition is a part of Tech Mahindra’s long-term growth plan to build presence across key markets in Ireland, Germany, USA, and India with enhanced global delivery.

The stock was trading at Rs 1,013.70, up Rs 9.80, or 0.98 percent. It has touched an intraday high of Rs 1,015.15 and an intraday low of Rs 1,001.55.

“Healthcare and Lifesciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains. Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities. We welcome Perigord employees into the Tech Mahindra family and look forward to achieve great success together,” said Vivek Agarwal, President — BFSI, HLS and Corporate Development, Tech Mahindra.