Ashok Soota sells 6% stake in Happiest Minds for Rs763 cr
Has sold his stake in the IT consulting firm in the open market through a bulk deal, the shares were sold at an average price of Rs 834.87 apiece
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New Delhi: Happiest Minds Technologies on Tuesday said its promoter and executive chairman Ashok Soota has sold a 6 per cent stake of the IT consulting firm in the open market through a bulk deal. According to the exchange data, the shares were sold at an average price of Rs 834.87 apiece, taking the deal value to Rs 762.77 crore.
"Ashok Soota, promoter of Happiest Minds Technologies Ltd, has sold 91,36,490 equity shares (6 per cent) in the open market through bulk deal on June 25, 2024. "The requisite disclosure is as per the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) regulations," the company said in a statement.
After the stake sale, the shareholding of Ashok Soota in Happiest Minds Technologies has declined to 44.13 per cent from 50.13 per cent, the statement said. Details of the buyers of Happiest Minds Technologies' shares could not be ascertained. In September last year, veteran entrepreneur Ashok Soota offloaded a 1.11 per cent stake in the IT company. Last month, Happiest Minds Technologies reported a 24.83 per cent increase in consolidated net profit at Rs 71.98 crore for the quarter ended March 2024.
The company clocked a profit of Rs 57.66 crore in the year-ago period. Its revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23. On Tuesday, shares of Happiest Minds Technologies tumbled 9.44 per cent to close at Rs 830.45 per piece on the BSE.
