Nayyar sells more than half his holding in Tech Mahindra for Rs 92 cr

He now holds 500,000 shares, or 0.21%, compared with 0.45% before sale

Tech Mahindra's Executive Vice Chairman Vineet Nayyar sold on Wednesday sold more than half of the shares he held in the company via open market for Rs 91.81 crore. After selling 547,208 shares in the company on Wednesday, Nayyar now holds 500,000 shares in Tech Mahindra, representing 0.21 per cent. Prior to the share sale, Nayyar held 0.45 per cent in the Mumbai-based company.

“I would be using the funds to pay some fringe benefit taxes, and a part of it will be used for charity,” Nayyar told Business Standard.

Fringe benefit tax is a tax paid on benefits that employees get as a result of their employment.