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Tech Mahindra jumps as its arm to acquire 80% stake in Geomatic.ai
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Tech Mahindra is currently trading at Rs. 1456.45, up by 17.00 points or 1.18% from its previous closing of Rs. 1439.45 on the BSE.
The scrip opened at Rs. 1458.00 and has touched a high and low of Rs. 1463.80 and Rs. 1429.15 respectively. So far 43780 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1837.75 on 30-Dec-2021 and a 52 week low of Rs. 915.05 on 26-Feb-2021.
Last one week high and low of the scrip stood at Rs. 1471.65 and Rs. 1371.25 respectively. The current market cap of the company is Rs. 141799.47 crore.
The promoters holding in the company stood at 35.67%, while Institutions and Non-Institutions held 52.75% and 11.59% respectively.
Tech Mahindra’s wholly owned subsidiary -- Tech Mahindra (Singapore) has approved the proposal to acquire 80% equity shares in Geomatic.ai. Tech Mahindra (TechM) is creating a next generation Artificial Intelligence firm, Geomatic.AI to focus on digital platforms led non-linear growth, in partnership with AusNet Services, an Australian Energy & Utilities distributor. Geomatic.ai will build digital twins for linear assets leveraging Cloud, Drone and Mobility technologies in the Geospatial domain.
As part of this deal, TechM will have 80% equity shareholding in Geomatic.AI, for consideration of A$6 million. AusNet will have 20% shareholding and transfer digital workforce, Intellectual Property (IP), assets and client contracts to the newly formed entity. This highly differentiated IP that TechM gains will position it uniquely to deliver Drone Technologies, Digital Twins, Artificial Intelligence led services to linear assetintensive industries viz. Energy & Utilities, Transportation, Oil & Gas and Public Sector. TechM intends to further enrich this IP and take it to the American and European geographies where it sees heightened demand for this digital platform offering.
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Ent erprises, Associates and the Society to Rise.
