Former MindTree chairman cuts stake in firm to 3.5 per cent

MUMBAI: Ashok Soota, former chairman at MindTree Ltd , on Tuesday sold another cache of 822,676 shares, amounting to a 2.05 percent stake in the firm, and reduced his stake to 3.54 percent, the mid-tier IT firm said in a disclosure to the stock exchange.

Soota sold the shares in the open market at about Rs 440 per share. The price represents a premium of about 10 percent to the stock's close on Monday.

Shares of MindTree rose as much as 11.5 percent to Rs 444.95 in a weak Mumbai market.

Meanwhile, Coffee Day Resorts Pvt Ltd acquired a 2.2 percent stake in MindTree through the open market taking its holding in the Bangalore-based IT firm to nearly 8 percent, a separate disclosure from Mindtree showed.

Last month, Soota, who resigned from the company earlier this year, halved his stake in MindTree by selling a 5.5 percent in a block deal, while Coffee Day picked up 5.75 percent in the firm on the same day.