AT&T Inc has bought an 8.07% stake in Indian IT services firm Tech Mahindra Ltd for USD 34.57 million as per the priced agreed in a 2005 pact, data submitted to the stock exchange showed on Tuesday.

AT&T, which is one of the leading clients of the Indian outsourcer, bought 9.87 million shares of Tech Mahindra through off-market purchase on Monday, according to data on the National Stock Exchange website.

Tech Mahindra said the company promoters sold the shares to AT&T at USD 3.5 per share under an agreement which dates back to 2005.