Tech Mahindra Ltd Share Price – NSE /  BSE

IT - Software, Mid Cap

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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Tech Mahindra has approved the sale of and admeasuring approx. 103 acres and buildings admeasuring built-up area of approx. 1,261,149 sq. ft situated at Bahadurpally village, Dundigal Gandimaisamma mandal (earlier Quthbullahpur mandal), Medchal-Malkajgiri district (earlier Ranga Reddy district), Hyderabad, Telangana (Property) to Mahindra University, subject to requisite regulatory approvals. The sale is for a consideration of Rs 535 crore payable over a period of 4 years along with interest.

Mahindra University is a university established under the Telangana State Private Universities (Establishment and Regulation) Act, 2018 on the land and buildings owned by the Company. Mahindra Educational Institutions, a section 8 wholly-owned subsidiary of the Company is the sponsoring body of Mahindra University.

As no business operations of the Company are carried out on the said land and building being sold, the said sale will not have any impact on the business operations of the Company.

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Tech Mahindra has allotted 59,082 equity shares of Rs 5/- each of the Company under ESOP on 14 August 2024. Post allotment, the paid up equity share capital has increased to 97,82,12,370 equity shares of Rs 5 each.

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Tech Mahindra announced the cessation of T.N. Manoharan & M. Rajyalakshmi Rao as Independent Director of the company with effect from 31 July 2024 on completion of their tenure.

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