Ashok Soota sells 2.05 per cent MindTree stake
26 Jul 2011
IT company MindTree's former chairman Ashok Soota had sold 2.05 per cent of his stake in the company for Rs36.20 crore through an open market transaction, the company said in a disclosure to the Bombay Stock Exchange.
Soota sold 8,22,676 shares, representing 2.05 per cent stake in the IT firm, for Rs36.20 crore, it said in its statement.
Post sale, Soota held 3.54 per cent, or 14,20,655 shares, in the IT firm.
In the course of the trade, the company's shares shot up by 9.16 per cent on BSE, touching the day's high of Rs434.25 apiece. Later, they settled at Rs411.30, which was up 3.39 per cent from the previous close.
Soota and nine other industry professionals set up MindTree in August 1999, and in January, this year, he resigned from the post of executive chairman to start his new business venture.
In another transaction, Cafe Coffee Day group's owner V G Siddhartha in consortium with his group firm Global Technology Ventures bought a 2.241 per cent stake in the IT firm, which takes their total stake to 14.58 per cent.
In a deal last month, Soota had sold half of his 11.4 per cent stake in the company in a block deal to Siddhartha.
Siddhartha also runs Global Technology Ventures (GTV), which held a 6.12 per cent stake in MindTree prior to the deal.