Vineet Nayyar sells shares worth Rs 9.5 cr in Tech Mahindra

MUMBAI: Tech Mahindra, the IT services arm of the Mahindra Group, said its executive vice-chairman had sold shares in the company worth about Rs 9.5 crore.

Nayyar sold 150,000 shares in two tranches on the National Stock Exchange. After the sale he still owns about 1,820,268 shares, or about 0.19% of the company, Tech Mahindra said in a filing with the Bombay Stock Exchange.

The company's trading window for executives closed on Wednesday and will only reopen after the company announces its results for the financial year ended March 31.

Tech Mahindra's shares have risen about 40% over the last year to Rs 634 in trade on Wednesday. The company has been on an acquisition spree as it look to cross $5 billion in revenue by the end of this year.

The Pune-headquartered company has made two acquisitions in the last seven months and is currently in talks for another deal, ET reported last month.