Soota sells 2.05% of Mindtree stake

Soota sells 2.05% of Mindtree stake

Bangalore: Former Mindtree Ltd chairman Ashok Soota on Tuesday sold another 2.05% stake in the company through an open market transaction on the National Stock Exchange (NSE) for an undisclosed sum.

He now holds a 3.45% stake in Mindtree.

Based on Tuesday share price range of Rs400.00-434.25, the stake sale of 825,000 Mindtree shares would have fetched Rs33-36 crore, even without a premium.

A spokesperson for Soota confirmed the sale.

Mindtree said the stake was picked up again by V.G. Siddhartha’s companies Coffee Day Resorts Pvt. Ltd and Global Technology Ventures Ltd.

Global Technology already holds a 6.7% stake in the company.

On 30 June, Soota sold a 5.5% stake in Mindtree in a block deal on NSE for Rs94 crore, a 19% premium over the previous day’s closing of Rs360. The shares were picked up by another entity of Siddhartha.

Soota left Mindtree in January to start another software services firm, Happiest Minds Technologies Pvt. Ltd.

Mindtree’s shares have gained 15% since 20 July, when it reported more than a twofold increase in quarterly net profit. On Tuesday, its shares rose 3.39% to close at Rs411.30.