Mahindra & Mahindra Transfers 17,903 ESOP Shares to Employees

Mumbai, February 23, 2026: Mahindra & Mahindra Limited (M&M) has successfully transferred 17,903 equity shares to its employees who exercised their stock options under the company’s Employees’ Stock Option Scheme (ESOP). The transfer was executed through the Mahindra & Mahindra Employees’ Stock Option Trust.

The move reflects M&M’s continued commitment to rewarding employee contribution and fostering a culture of ownership and long-term value creation among its workforce.

The share transfer included participation from 42 employees, with notable grantees including:

• Abhay Kulkarni – 2,000 options exercised

• Nalinikanth Gollagunta – 2,500 options exercised

• Shriprakash Shukla – 1,472 options exercised

• Uday Srinivas Chunduru – 1,008 options exercised

• Ritesh Agrawal – 1,700 options exercised

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Other employees exercised shares ranging from 50 to over 1,000 options, demonstrating broad participation across the company.

The shares have been transferred in compliance with regulatory undertakings provided to the National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), Luxembourg Stock Exchange, and London Stock Exchange, ensuring transparency and adherence to corporate governance norms.

This ESOP transfer highlights M&M’s strategy to align employee interests with shareholder value, strengthen employee engagement, and recognize the efforts of its talented workforce.