Tech Mahindra gains on board nod to acquire Target Group

The board has approved the proposal to acquire Target TOPCO Ltd, a UK-based entity

Shares of Tech Mahindra were up 4% at Rs 557 on the Bombay Stock Exchange after the company said itsShares of Tech Mahindra were up 4% at Rs 557 on the Bombay Stock Exchange after the company said its board has approved the proposal to acquire Target TOPCO Ltd, a UK-based entity,

Target Group Ltd, is a financial technology and BPaaS provider in the Banking, Asset Management, Government and Insurance sectors. It has revenues of 51 million pounds of calendar year 2015, Tech Mahindra said in a release.

The acquisition will broaden the service offerings of Tech Mahindra in the Banking Financial Services Insurance domain.
 

The stock opened at Rs 529 and touched a high of Rs 564. At 12pm, over 1.9 million shares were traded on both the stock exchanges.