Original Announcement Date
March 17, 2026
Original Deal Summary
Tech Mahindra London Limited (TMLL), a wholly-owned subsidiary of Tech Mahindra Ltd, entered into a Share Sale and Purchase Agreement with Midad Company Limited (Midad) to acquire Midad's 20% equity stake in Tech Mahindra Arabia Limited. This transaction was initiated pursuant to the exercise of a put option by Midad under a Shareholder's Agreement. Upon completion, Tech Mahindra Ltd, along with TMLL, would hold 100% of Tech Mahindra Arabia Limited.
Target Entity: Tech Mahindra Arabia Limited
Industry: IT Services
Financials of Target (as of March 31, 2025):
- Turnover: SAR 181.6 Million
- Net Worth: SAR 86.57 Million
Type of Deal: Acquisition of a minority stake (20%) from a joint venture partner.
Related Party Status: The transaction is classified as a related party transaction under SEBI Listing Regulations, as TMLL and TechM Arabia are related parties of Tech Mahindra Ltd, and Midad is a related party of TechM Arabia. It is stated to be conducted on an arm's length basis. Promoters/promoter groups have no interest in the transaction.
Updated Status
Postponed. The timeline for the completion of the transaction has been extended.
Reason for Delay
As stated in the update, "certain conditions precedents for completion of the Transaction are underway."
Revised Timeline
TMLL and Midad have mutually agreed to extend the timeline for completion of the transaction to August 31, 2026.
Approval Status
The transaction was board-approved as per the original intimation. The current status is that regulatory/condition precedents are pending, leading to the extension.
Reference Regulation
This intimation is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and references SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.