Ashok Soota Sells 6% Stake in Happiest Minds Technologies Worth INR 762 Crore Happiest Minds Technologies' founder, Ashok Soota, has sold stake in his company worth INR 762 crore.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Ashok Soota, the founder of Happiest Minds Technologies Ltd., sold a substantial stake in the company he established. Through open market transactions on Tuesday, Soota divested shares worth INR 762 crore, with buyers including Mansi Share and Stock Advisors and PRB Securities. According to BSE bulk deal data, Soota sold a 6 per cent stake in the firm at a price of INR 834.87 per share. As of March, Soota held a 38.34 per cent stake in the company. Mansi Share and Stock Advisors purchased 930,000 shares at INR 837.57 each, while PRB Securities acquired a 0.59 per cent stake at INR 843.6 per share.
In a BSE filing, the company stated, "This is to inform you that I, Mr. Ashok Soota, Promoter of Happiest Minds Technologies have sold 91,36,490 equity shares (6 per cent) in the open market through bulk deal on June 25, 2024."
For the quarter ending in March, Happiest Minds Technologies reported a net profit increase of 24.83 per cent year-on-year, reaching INR 71.98 crore, as per NDTV Profit. The company is optimistic about the growth potential of its newly launched generative artificial intelligence business unit. Despite these positive developments, the stock has declined 10.8 per cent over the past year and 5 per cent year-to-date. On Tuesday, shares of Happiest Minds Technologies closed 9.53 per cent lower at INR 829.90 each, against a 0.79 per cent rise in the NSE Nifty 50 index.
