Soota sells half his shares in MindTree

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Soota sells half his shares in MindTree
MindTree: Quotes, News
BSE 465.70BSE Quote9.65 (2.07%)
NSE 466.20NSE Quote9.5 (2.04%)
Ashok Soota former Executive Chairman and CEO of MindTree sold half of his 11.1% stake in the information technology company, state media reports.

Meanwhile, Rostow Ravanan chief financial officer at MindTree stated to Wall Street Journalthat the stake was bought by Global Technology Ventures, which was also one of the early venture-capital for MindTree.

Further adding, Ravan said, this has increased Global Technology Ventures' stake in MindTree to 13%-14%.

The former Executive Chairman and CEO, Soota, owned 4.44 million MindTree shares.

The price of the deal was not specified. But it ha sbeen widely reported that 2.2 million shares of MindTree were exchanged on the National Stock Exchange (NSE) via block deal. the price for the block deal was Rs 428 per share. A premium of 18.6% to the stock's closing price of Rs 361 Wednesday.

"The sale doesn't affect us in any way and I see this as a sign of somebody who is invested in us since 1999, Global Technology Ventures, continuing to support the company," Mr. Ravanan said.

OneIndia Money

Read more about: bse, mindtree, nse, information technology
Story first published: Thursday, June 30, 2011, 11:19 [IST]
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