Mahindra & Mahindra Limited (M&M) has announced the transfer of equity shares by the Mahindra & Mahindra Employees’ Stock Option Trust to its Stock Option Grantees. This transfer, which occurred on 23rd December 2025, is in compliance with the undertaking given to the stock exchanges at the time of listing the shares allotted to the Trust. The shares were transferred pursuant to the exercise of stock options granted under the Company’s Employees’ Stock Option Scheme. The company has provided Annexure I, detailing the Stock Option Grantees to whom the shares have been transferred. This annexure lists 57 individuals, including notable names like Rajesh Jejurikar, who exercised a significant number of options. The total number of options exercised across all grantees amounts to 44,567.