DBT Bureau
Bengaluru, 26 June 2024
Share price of Happiest Minds Technologies continued to remain under bear grip as its share price fell for the second consecutive day on bourses.
Happiest Minds’ share price fell 0.43% to close at Rs 827 on Wednesday after a steep 8% decline on Tuesday after a bulk deal was executed on the exchanges.
The company in an exchange filing said that its promoter and executive chairman Ashok Soota sold 6% stake in the open market through a bulk deal.
“Ashok Soota, promoter of Happiest Minds Technologies Ltd, has sold 91,36,490 equity shares (6%) in the open market through bulk deal on June 25, 2024. The requisite disclosure is as per the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) regulations,” the company has said in a statement.
Post the stake sale, the shareholding of Ashok Soota in Happiest Minds Technologies has declined to 44.13% from 50.13%, the statement said.
In September last year, IT sector veteran Soota offloaded a 1.11% stake in the IT company.
Sources in the know said that the proceedings of the stake sale are likely to be deployed in charitable activities being done by the Founder of Happiest Minds.
Happiest Minds is eyeing to achieve $1 billion revenue by 2031 and has recently created a new vertical-led organisational structure comprising six new industry groups (IG).
Happiest Minds Technologies reported a 24.83% increase in its consolidated net profit for the March quarter, reaching Rs 71.98 crore compared to a year ago.
Revenue from operations for the quarter stood at Rs 417.29 crore, up 10.4% from Rs 377.98 crore reported in Q4FY23.
