Former MindTree chairman Soota cuts stake in firm to 3.5%

Ashok Soota, former chairman at MindTree Ltd, on Tuesday sold another cache of 822,676 shares, amounting to a 2.05% stake in the firm, and reduced his stake to 3.54%, 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% to the stock's close on Monday. Shares of MindTree rose as much as 11.5% to Rs 444.95 in a weak Mumbai market. Meanwhile, Coffee Day Resorts Pvt Ltd acquired a 2.2% stake in MindTree through the open market taking its holding in the Bangalore-based IT firm to nearly 8%, 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% in a block deal, while Coffee Day picked up 5.75% in the firm on the same day.