Happiest Minds sees 8.3% equity change hands in block deal; promoter likely seller

Over the past year, shares of Happiest Minds have fallen around 3.5 percent in trade.

Shares of information technology services player Happiest Minds worth Rs 1,076 crore changed hands on the bourses on June 25 in a block deal. Around 1.27 crore shares or 8.3 percent equity was exchanged, at an average price of Rs 847 per share.

Though Moneycontrol couldn't ascertain buyers or sellers immediately, sources cited by CNBC-TV18 indicated that Happiest Minds' promoter and executive chairman, Ashok Soota, was likely to offload 6 percent stake in the company through this block deal.

At 9.20 am, shares of Happiest Minds sank almost nine percent to quote Rs 837.55 on the NSE.

Catch all the market action in our live blog

According to reports, the total offer size for this deal was around Rs 754 crore. The floor price was the sale was set at around Rs 826 apiece, which comes at a 10 percent discount to the previous closing price.

Kotak Securities has been appointed as the sole broker for the transaction.

The promoter, Ashok Soota, will not be able to sell any further shares for the next six months, as there is a lock-up period on any stake further held by him.

The Bengaluru-based company’s revenue increased by 10.4 percent year-on-year to Rs 417 crore for the fourth quarter. Profit for the period increased by almost 25 percent to nearly Rs 72 crore.

The company’s revenue grew 13.7 percent for the full year.

Over the past year, shares of Happiest Minds have fallen around 3.5 percent in trade, as against a 25 percent rise in the benchmark Nifty 50 index.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.