Ashok Soota sells 1.11% stakes in Happiest Minds to fund SKAN

Ashok Soota, promoter and executive chairman of Happiest Minds Technologies Limited, sold about 16.93 lakh equity shares of the company, (1.11% of his holding) on Thursday, the company said in a statement.

This statement came after the company's share prices dipped over 4%, at the BSE to Rs 872, during the day following the sale. Soota's holding in the company which was 51.24% now stands at 50.13%.

“This transaction was primarily done to fund the capital requirements of SKAN, the not for profit medical research firm floated by him and enhance the share capital of Happiest Health," said a statement by Soota.


Soota plans to maintain his shareholding in Happiest Minds to not less than 40%, said the statement.