Former MindTree chairman Ashok Soota has sold part of his 11% stake in the company through a block deal, reports CNBC-TV18. About 5.49% equity stake of Mindtree has changed hands in a block deal on the National Stock Exchange today.
Earlier, when Soota had quit the company, he had indicated that he was open to selling his stake. In an interview to CNBC-TV18, Rostow Ravanan, CFO of the company divulged details about the block deals. Ravanan said that the stake that was sold today has been bought by one of their existing investors and global technology ventures. He added that Global Technology and Venture Capital Firm bought stake from Soota. Below is the verbatim transcript of the interview with Mindtree's Rostow Ravanan. Also watch the accompanying video. Q: Does this surprise you that Ashok Soota has sold his 5.5% stake in a block deal today or was it along expected lines? A: All of us knew that at some stage, Ashok would sell his stake which he did this morning. The stake has been bought by one of our existing investor Global Technology Ventures, one of the original venture capital (VC) that funded Mindtree in 1999. They bought it through of their group entity. By today or tomorrow, they might make the necessary declaration to the bourses. Q: What is Global Technology Ventures? Can you take us through what has their association with Mindtree been like? A: They are a venture capital investor. They invested in Mindtree in 1999 and stayed investors in Mindtree since then. The existing investor stepping in at one level protects the company because the shareholding remains within the original investment group. The existing investors see the sign of confidence that there are huge potentials for Mindtree in terms of performance. Q: AshokDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
