Ashok Soota, Promoter Happiest Minds Technologies Sells Stake of Rs.762 Crores

Reputed entrepreneur Ashok Soota, the promoter of Happiest Minds Technologies Ltd., sold a 6% stake in the software and consulting company at Rs 834.87 per share, according to bulk deal data on the BSE. This transaction, conducted through open market deals on Tuesday, amounted to Rs 762 crore. Mansi Share and Stock Advisors and PRB Securities were among the buyers. As of March, Soota held a 38.34% stake in the company.

Mansi Share and Stock Advisors acquired 9.3 lakh shares at Rs 837.57 per share, while PRB Securities bought a 0.59% stake at Rs 843.6 per share.

The company’s net profit for the quarter ended March rose by 24.83% year-on-year to Rs 71.98 crore. Happiest Minds Technologies anticipates benefiting from its newly launched generative artificial intelligence business unit. However, the stock has fallen 10.8% over the past 12 months and is down 5% this year. On Tuesday, shares of Happiest Minds Technologies closed 9.53% lower at Rs 829.90 apiece, compared to a 0.79% advance in the broader market.

Reports indicate that Ashok Soota will not be allowed to sell any further stake for the next six months due to a lock-up period imposed on his remaining holdings after this significant trade. As of March 2024, Soota held a 38.45% stake in the company, owning nearly 5.85 crore shares of Happiest Minds. The promoter and promoter group collectively hold 50% of the shares, while 48% is held by the public. Other promoters, such as Veena Soota and Deepak Soota, held 0.02% and 0.03% stakes, respectively. Ashok Soota Medical Research LLP, a promoter group, held an 11.79% stake. Among public shareholders, mutual funds held a 1.32% stake, insurance companies 1.25%, and FPIs 4.56%.

Happiest Minds Technologies Limited provides next-gen IT solutions, leveraging cloud computing, social media, mobility, analytics, unified communications, and IoT. The company specializes in Digital Transformation, Product Engineering, Infrastructure Management, Security, Testing, and Consulting, serving industries like Retail/CPG, BFSI, Travel, Manufacturing, and Media.