Ashok Soota Sells Stake in Happiest Minds Technologies

Ashok Soota, the promoter and executive chairman of Happiest Minds Technologies, sold a 6% stake in the IT consulting firm through a bulk deal. The sale fetched approximately Rs 762.77 crore. Following this, his shareholding in the company dropped from 50.13% to 44.13%.

A significant transaction has taken place in the IT consulting sector as Ashok Soota, the promoter and executive chairman of Happiest Minds Technologies, sold a 6% stake in the company. The shares were sold in the open market via a bulk deal, fetching an average price of Rs 834.87 each, amounting to a total deal value of approximately Rs 762.77 crore.

This move reduces Soota's shareholding in the company from 50.13% to 44.13%. As per the mandatory disclosures under the Securities and Exchange Board of India's Substantial Acquisition of Shares and Takeovers regulations, details about the buyers remain undisclosed.

Last year, Soota had sold a smaller 1.11% stake in the company. The recent performance of Happiest Minds Technologies has been robust, with a 24.83% increase in consolidated net profit recorded in the last quarter ending March 2024. Despite these positive financial indicators, shares of Happiest Minds Technologies saw a significant fall of 9.44% on BSE, closing at Rs 830.45 on Tuesday.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)