MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

183 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 14. Shareholders holding more than 1% of the shares as on 31 st March, 2023 The details of Public shareholders holding more than 1% (PAN-based) of the equity as on 31 st March, 2023 are as follows: Vanguard Emerging Markets Stock Index Fund, A SERI UTI - Ni y Exchange Traded Fund Kuwait Investment Authority Fund 601 ICICI Prudential Life Insurance Company Limited NPS Trust A/C - HDFC Pension Management Company Limited Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund Government Pension Fund Global ICICI Prudential Balanced Advantage Fund Government of Singapore HDFC Trustee Company Limited - HDFC Flexi Cap Fund JP Morgan Chase Bank, NA First Sentier Investors ICVC - Stewart Investors Asia Pacific Leaders Sustainability Fund SBI Ni y 50 ETF Life Insurance Corporation of India 5.00% 6,21,30,470 4,64,76,824 4,11,26,829 3,13,49,492 2,58,17,265 2,23,14,993 2,21,95,622 1,96,58,298 1,67,53,408 1,60,82,069 1,58,90,466 1,52,71,056 1,37,87,807 1,28,65,010 3.74% 3.31% 2.52% 2.08% 1.79% 1.78% 1.58% 1.35% 1.29% 1.28% 1.23% 1.11% 1.03% Name of the Shareholders % of Shareholding No. of shares held 15. Dematerialisation of Shares and Liquidity 99.67% of the paid-up Ordinary (Equity) Share Capital of your Company is held in a dematerialised form with National Securities Depository Limited and Central Depository Services (India) Limited as on 31 st March, 2023. The market lot of the Share of your Company is one Share, as the trading in the Equity Share of your Company is permitted only in dematerialised form. The Non-Promoters’ holding as on 31 st March, 2023 is around 81.12% and the stock is highly liquid. 2021 99.56% 0.44% 99.59% 0.41% 2022 99.67% 0.33% 2023 Dematerialized Physical 16. Outstanding GDRs/ADRs/Warrants or any Convertible Instruments, Conversion date and likely impact on Equity 3,13,49,492 GDRs constituting 2.52% of the paid- up Equity Share Capital were outstanding as on 31 st March, 2023. Since the underlying Ordinary (Equity) Shares represented by GDRs have been allotted in full, the outstanding GDRs have no impact on the Equity of the Company. There are no other convertible instruments outstanding as on 31 st March, 2023. 17. Commodity price risk or Foreign Exchange Risk & hedging activities The Commodity prices in the Financial Year 2022-23 were volatile. In the first quarter steel prices rose sharply due to supply concerns caused by Russia-Ukraine conflict. However, from June 2022 onwards, prices softened on account of easing supply concerns and weak economic outlook due to interest rate increases by major Central Banks. Additionally, there was pressure on Indian steel prices due to levy of export duties on key raw materials and products. Subsequently, from December, 2022, onwards, prices firmed up due to expectations of demand growth driven by withdrawal of zero-Covid policy by Chinese Government and removal of export duties by Indian Government. Your Company stayed focused on cost reduction through measures like VA/VE, negotiation with suppliers, long term price contracting, etc. Your Company continues to watch the market situation closely and continues to focus on mitigating commodity price volatility through “Commodity Risk Management”. Hedging of currencies and commodities are being governed in accordance with the Foreign Exchange Risk Management Policy and Commodity Risk Management Policy, approved by the Board of Directors of your Company. The details of Foreign Exchange hedging activities undertaken by the Company are disclosed in Note No. 38 to the Annual Accounts of the Annual Report. Disclosures regarding commodity price risk and hedging activities, the details of exposure of the Company to material commodities and risks faced by it throughout the year as mandated by Regulation 34(3) read with clause 9(n) of Part C of Schedule V of the Listing Regulations and SEBI Circular No. SEBI/HO/CFD/CMD1/ CIR/P/2018/0000000141 dated 15 th November, 2018, are as follows: (a) Total exposure of the listed entity to commodities in INR: Rs. 12,959 crores