Taiwan Semiconductor Manufacturing (TSM) plans to sell a significant stake in Vanguard International Semiconductor, the company said Friday.

The company is selling 152 million shares, or around 8.1% of the company's fully diluted capital through a block trade to institutional investors, the company said.

The sale will reduce Taiwan Semiconductor's stake in Vanguard to 19% from 27.1%. However, the sale won't impact the company's business relations with Vanguard, including the outsourcing of component production and licensing of certain technology.

The sale is part of Taiwan Semiconductor's plan to focus on core business activities, the company said.

Shares of the company were down over 2% in recent premarket trading.