Tech Mahindra advanced 2.12% to Rs 1,628.40 after the company said that sub-committee of the board of directors has approved the sale of approximately 103 acres of land to Mahindra University for Rs 535 crore.
Mahindra University (MU) a university established under the Telangana State Private Universities (Establishment and Regulation) Act, 2018 on the land and buildings owned by the company.The company will sale 103 acres of land and 17 buildings with a built-up area of approximately 1,261,149 sq. ft. located at Bahadurpally village, Medchal-Malkajgiri district, Hyderabad, Telangana.
The primary objective of the sale is to set up MU as an autonomous institution that focuses on the betterment of society, one which can continue to grow independently.
The cash consideration of Rs 535 crore to be received in tranches, over a period of four years along with interest 8.20% per annum, receivable during the said period. The sale is expected to be finalized on or before 30 September 2024, unless mutually extended by the parties.
Tech Mahindra is focused on leveraging next-generation technologies including 5G, blockchain, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.
The IT major's consolidated net profit jumped 28.82% to Rs 851.5 crore on 1.04% rise in revenue from operations to Rs 13,005.5 crore in Q1 FY25 over in Q4 FY24.
The scrip hit a 52-week high at Rs 1,634.25 in intraday today.
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