Tech Mahindra — Capital/Financing Update 2021

Oct 25, 2021

Tech Mahindra

October 25, 2021

To Phiroze Jeejeebhoy Towers, Limited Dalal Street, Exchange Plaza, 5" floor, MUMBAI — 400 001 Plot No. — C/1, G Block,

BSE Limited National Stock Exchange of India Scrip Code : 532755 Bandra-Kurla Complex, Bandra (E) MUMBAI — 400 051 NSE Symbol : TECHM

Sub: Approval of proposal for acquisition of 100% stake in Infostar LLC (Lodestone) and WMW

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Company through its wholly owned subsidiaries has approved the proposal to acquire the following entities:

• 1. Acquisition of 100% shareholding in Infostar LLC by Tech Mahindra (Americas) Inc, a wholly owned subsidiary of the Company; and
• 1. Acquisition of 100% shareholding in WMW by Born London Limited, UK, a wholly owned step down subsidiary of the Company;

In this regard, please find enclosed herewith, Disclosure containing the details pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9'* September, 2015 as Annexure I & II respectively.

This is for your information and record.

Please acknowledge receipt of the same.

Thanking you,

For Tech Mahindra Limited

Ves pany Secretary

Encl.: As stated above

	Annexure I — Infostar LLC
Sr.	Items for Disclosure	Description
No.	Name of the target entity, details in brief such as size, turnover ete.;	LLC The (dba target entity Infostar is "Lodestone"). The company is headquartered Pleasanton, California. The company has in more than 300 employees. For the financial December, ending 2020, year 31% the company had revenue of USD 43.3 million.
hr	Whether the acquisition would fall within related party transaction(s) and whether the group/ — group promoter promoter/ companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arms length";	No
	Industry to which the entity being acquired belongs;	IT Services
	Objects acquisition and effects of (including but not limited to, disclosure of reasons for acquisition of target entity, if its business main outside the line of is business of the listed entity);	The acquisition will bolster Tech Mahindra's end-to-end product engineering digital capability across Design, Build, and Test, by employing Loadstone's expertise in effective utilization of data strategy and providing end assurance product to-end quality across hardware, software, and data layers.
	governmental Brief any details of or approvals regulatory required the for acquisition;	None
	completion Indicative time period of for the acquisition;	Immediate closing
	Nature whether of consideration cash - consideration or share swap and details of the same;	Cash
	Cost of acquisition or the price at which the shares are acquired;	Tech Mahindra will pay total consideration of up to USD 105 million including carnouts.
	Percentage shareholding control of / number acquired and shares of or / acquired;	100%
	Brief background about the entity acquired terms products/line business of of in acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief);	Loadstone engineering leading digital a is quality assurance provider for new age digital companies. incorporated The was entity in 2005. Last 3 years Turnover is as follows: - CY20: USD 43.3 million CY19: USD 28 million CY18: USD 19.3 million

Annexure I — Infostar LLC

Annexure II - We Make Websites Limited (WMW)
Sr. No.	Items for Disclosure	Description
	Name of the target entity, details in brief such as size, turnover etc.:	We Make Websites Limited (WMW) Revenue: £4.6M (CY 2020) HQ: London, UK Revenue Location: United Client Split by Kingdom (51%), United (30%), Other States (19%)
		Number of Employees: 43(UK), 5(US) Ecommerce Focused Shopify Offerings: Agency, Design & UX, Replatforming, SEO & Expansion, Migration, Data International Commerce, CRO, Performance Headless Enhancement, Payments Systems Integrations, O20 Checkout, Compliance, Accessibility, & Strategy, Custom Shopify App Development
	Whether would acquisition the fall within party transaction(s) and related whether the promoter/ promoter group/ companies group have any interest in the entity being acquired? If yes, nature thereof and and of interest details whether same "arms done the at is length"	NLA.
a	which Industry being entity the to acquired belongs;	Tech Services (Shopify Plus Partner)
	Objects and acquisition effects of (including but not limited to, disclosure reasons acquisition target of of for entity, if its business is outside the main line of business of the listed entity);	We Make Websites will add to Tech Mahindra's capabilities in Experience Design pillar and help build an industry leading Shopify Practice.
	governmental Brief details of any or regulatory approvals required the for acquisition;	N.A.
	Indicative time period for completion of the acquisition;	Signing and Closing is simultaneous.
	Nature of consideration - whether cash consideration or share swap and details of the same;	Cash
	Cost of acquisition or the price at which the shares are acquired;

Annexure II - We Make Websites Limited (WMW)

Tech Mahindra 9 Percentage of shareholding / control

9	Percentage shareholding control of / number acquired shares and of or / acquired;	100%
10	background Brief about entity the acquired terms of products/line of in business acquired, date of incorporation, history of last 3 years turnover, country which acquired entity has the in presence any significant and other information (in brief);	(WMW) Make We Websites focused on is migration website building, services on the Shopify Plus platform. Date of Incorporation- 29th September 2009 Revenue CY 2018 £2.65 M CY 2019 £3.3M CY 2020 £4.6M

For Tech Mahindra Limited

Anil » hatri qe ovary Secretary