Tech Mahindra Limited

Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise. They are a USD 4.9 billion company with 121,840+ professionals across 90 countries, helping over 935 global customers including Fortune 500 companies. The convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra is the highest ranked Non-U.S. company in the Forbes Global Digital 100 list (2018) and in the Forbes Fab 50 companies in Asia (2018). They are a part of the USD 21 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology, and vacation ownership. The financials of the company looks very good, RoNW is 31.24% and at CMP its looks very fully priced. Price difference is around 15% and acceptance ration as per current share holding for retail will be around 5%, so we may expect the final acceptance ratio may be around 15% and profit may be 2-3%. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal