Ashok Soota offloads 1.11% stake in Happiest Minds Technologies

Ashok Soota, a veteran of the technology sector and a prolific entrepreneur who serves as Promoter and Executive Chairman of Happiest Minds Technologies, sold 16.93 lakh equity shares in the firm on Thursday through the BSE and NSE, representing around 1.11% of his ownership stake. The shares were sold for ₹879 apiece.

According to a statement from the company, Mr. Soota's ownership in the company has dropped from 51.24% to 50.13% as a result of the sales.

“This transaction was primarily done to fund the capital requirements of SKAN, the not-for- profit medical-research firm and also to enhance the share capital of Happiest Health,” said Mr. Soota.

The share sale was in line with his strategy (design for perpetuity) that hinges on three pillars: ownership, leadership, and business strategy. Mr. Soota plans to maintain his shareholding in Happiest Minds at not less than 40%, as per the company.