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Tech Mahindra Unit Extends Deadline for Tech Mahindra Arabia Stake Buyout; Shares Up 2%

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Tech Mahindra's (NSE:TECHM, BOM:532755) wholly owned subsidiary, Tech Mahindra London, extended the deadline to complete its acquisition of Midad's 20% stake in Tech Mahindra Arabia to Aug. 31, according to a Thursday filing with the Indian bourse.

The extension was mutually agreed upon after certain conditions precedent to the transaction remained in progress.

Tech Mahindra announced the deal in March after Midad exercised its put option to sell its 20% stake in Tech Mahindra Arabia.

Shares of Tech Mahindra were up nearly 2% in recent trade.

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