Coffee Day buys 5.75% stake in MindTree

Mumbai: Coffee Day Resorts Private Ltd has acquired 2.3 million shares of MindTree Ltd, amounting to a 5.75% stake, through the open market, the mid-cap IT firm said in a disclosure to the exchange on Thursday.

V.G. Siddhartha, a non-executive director on MindTree’s board, founded and controls Coffee Day. Siddhartha’s Global Technology Ventures holds a 6.6% stake in MindTree.

Coffee Day’s stake acquisition takes the total number of shares held by the Siddhartha’s two group companies to 4.95 million, amounting to a 12.35% stake in MindTree.

Earlier in the day, former chairman and founder Ashok Soota, who resigned from MindTree in January, halved his 11.1% stake in the company through a block deal at an 18.5% premium to the stock’s closing price on Wednesday.