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Vineet Nayyar, Executive Vice-Chairman of software services firm Tech Mahindra, has sold 5.47 lakh shares of the company for Rs 91.8 crore.
Post the share sale, which was done through open market transactions on Wednesday and Thursday, Nayyar holds 0.21 per cent stake as against 0.45 per cent earlier, the company said in a notification to the stock exchanges.
On Thursday, the company had informed the exchanges that LIC had reduced its holding in Tech Mahindra to 3.38 per cent from 5.44 per cent. LIC sold 47.7 lakh shares in the company, according to the notification.
Earlier in June, the Mahindra group company completed its merger with Mahindra Satyam to create the country’s fifth largest IT firm. The company’s shares hit a 52-week high on the BSE on November 20.
On Friday, the Tech Mahindra scrip closed up 1.18 per cent at Rs 1,689.9 on the BSE.
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