Shares of Tech Mahindra were trading at ₹1,609.90, up 0.17% as of 12:36 PM, following news that Mitsubishi UFJ Financial Group (MUFG) sold a 2.05% stake in the company.
Mitsubishi UFJ Financial Group (MUFG) has sold an indirect stake in Tech Mahindra Limited, reducing its holding in the company from 5.03% to 2.96%. The sale was conducted through the disposal of entities that held shares in Tech Mahindra on September 19, 2024.
According to a formal disclosure submitted to BSE and NSE, the sale involved the following MUFG-related entities: Mitsubishi UFJ Trust and Banking Corporation, Mitsubishi UFJ Asset Management Co., Ltd., and First Sentier Investors subsidiaries across Australia, Hong Kong, Singapore, and the UK. These entities directly held shares in Tech Mahindra.
Key Transaction Details:
- Before the sale: MUFG held 5.03% of Tech Mahindra’s voting capital, equating to 49,023,997 shares.
- Shares sold: MUFG sold 20,035,872 shares, representing 2.05% of Tech Mahindra’s total voting capital.
- After the sale: MUFG now holds 2.96%, or 28,988,125 shares, of Tech Mahindra’s voting capital.
The transaction has triggered disclosure obligations under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as MUFG’s aggregate interest in Tech Mahindra now stands at 2.96% of the company’s total voting capital, which has increased to 978,349,548 shares.
This indirect sale marks a strategic move by MUFG, and the market will be watching closely for its impact on Tech Mahindra’s stock performance.
