Former MindTree chairman Ashok Soota who floated a new IT services company has sold 2% of his stake in MindTree for Rs. 36.2 crore bringing down his stake in MindTree to less than 4%. The stake was bought by owner of Cafe Coffee Day group, VG Siddhartha in a bulk deal. Ashok Soota who left the company to start a new venture in January, had sold half of his 11.4% stake in a block deal for a little over Rs. 90 crore last month. Soota's 5.49% stake was picked up by Coffee Day Group owner VG Siddhartha whose venture fund already holds 6.12% in Mind-Tree.
Sidhartha was an early investor in MindTree. The company's share prices had bounced back after the company announced good growth in the first quarter of the financial year.
For the quarter ending June 30, 2011, MindTree's revenues grew by 7.3% over ther previous quarter and 20.2% over the corresponding quarter last year to $92.53 million. The proceeds of the sale will be used to fund Soota's new venture-" Happiest Minds."
