Investing.com -- Taiwan Semiconductor Manufacturing Co announced Friday it will sell up to 152 million shares in Vanguard International Semiconductor through a block trade to financial institutional investors.

The world's largest contract chipmaker said the proposed share sale would reduce its holding in VIS to approximately 19% from around 27.1% on a fully diluted basis. The transaction represents about 8.1% of Vanguard's fully diluted paid-in capital.

TSMC stated it has no plans to sell additional VIS shares in the foreseeable future following this transaction.