Tech Mahindra — Capital/Financing Update 2020

Oct 23, 2020

Tech oe Mahindra homie ag Sate

Pune 411004, Maharashtra, India

Tel. +91 206601 8100 Fax. +91 20 2542 4466

techmahindra.com connect@techmahindra.com

Registered Office: Gateway Building, Apollo Bunder Mumbai 400 001, India

23"4 October, 2020 CIN L64200MH1S986PLC041370

To

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5" floor, Dalal Street, Plot No. — C/1, G Block, MUMBAI - 400 001 Bandra-Kurla Complex, Bandra (E) Scrip Code : 532755 MUMBAI — 400 051 NSE Symbol : TECHM

Sub: Approval of proposal for acquisition of 100 % Equity Shares in Tenzing Ltd and Tenzing Australia Ltd, by Tech Mahindra (Singapore) Pte Limited,

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("SEBI Listing Regulations") we wish to inform you that Company's Wholly Owned Subsidiary Tech Mahindra (Singapore) Pte Limited has agreed to acquire 100 % equity shares in Tenzing Ltd. and Tenzing Australia Ltd. ("Tenzing Group").

In this regard, please find enclosed herewith, disclosure containing the details pursuant to SEBI Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9" September, 2015 are given as 'Annexure I'.

This is for your information and record.

Please acknowledge receipt of the same.

Thanking you,

For Tech Mahindra Limited

pase

ee Company Secretary

Encl.: As stated above

Tech Mahindra

Annexure I

Annexure I
Sr. No.	Items for Disclosure	Description
	Name of the target entity, details in briefsuch as size, turnover etc.;	TenzingTheGroup.Thetargetentityiscompany is headquartered in Auckland, NewZealand and it is engaged in the business ofmanagementconsulting,digitaltransformation & technology services. TheCompanyemployees.around145hasTurnoverendedfinancialyearforthe31" March, 2020 was US$ 27.4 million.
	Whether the acquisition would fall withinrelated party transaction(s) and whether thepromoterpromoter/—_ groupgroup/companies have any interest in the entitybeing acquired? If yes, nature of interest anddetails thereof and whether the same is doneat "arms length";	No
bo	Industry to which the entity being acquiredbelongs;	IT Services
	Objectsacquisitionandeffectsof(including but not limited to, disclosure ofreasons for acquisition of target entity, if itsbusiness is outside the main line of businessof the listed entity);	The acquisition will bring strong capabilitiesprimarily in the Insurance vertical along withexpanding footprint in the Australia and NewZealand (ANZ) market.
	governmentalBriefanydetailsoforregulatoryapprovalsrequiredtheforacquisition;	ApprovalOverseasrequiredfromInvestment Office, New Zealand for closingthe transaction
	Indicative time period for completion of theacquisition;	expectedThetransactionclosebytois30" November, 2020
	whetherNatureof considerationcash-consideration or share swap and details ofthe same;	Cash
	Cost of acquisition or the price at which theshares are acquired;	Upto US$ 29.5 mn including earn-out
	Percentageshareholdingcontrolof/numberacquiredandsharesorof./acquired;	100%
	Brief background about the entity acquiredtermsproducts/lineofbusinessinofacquired, date of incorporation, history oflast 3 years turnover, country in which theacquired entity has presence and any othersignificant information (in brief);	The target entity is engaged in the businesstransformationtechnologyofdigital&services with a BFSI focus. The companywas formed in 2008 and is headquartered inNew Zealand and has around 145 employees.CompanyTheturnoverofthetheforendingyearsyear(fiscallast331" March): -FY20: US$ 27.4 millionFY19: US$ 34 millionFY18: US$ 31 million

For Tech Mahindra Limited

Pit Ani} Khatri Company Secretary