Coffee Day Resorts takes 5.75-% stake in MindTree
01 July 2011
Coffee Day Resorts Private Ltd has acquired 2.3 million shares in the company, amounting to a 5.75-per cent stake, through the open market.
The mid-cap IT firm said this in a disclosure to the exchange yesterday.
MindTree non-executive director, VG Siddhartha, who founded and controls Coffee Day, holds a 6.6-per cent stake in the IT firm, through his venture, Siddhartha's Global Technology Ventures.
With the stake acquisition the total number of shares held by Siddhartha's two group companies goes up to 4.95 million, amounting to a 12.35 per cent stake in MindTree.
Former chairman and founder Ashok Soota, who resigned from MindTree in January, halved his 11.1-per cent stake in the company through the transaction amounting to 18.5 per cent premium to the stock's closing price on Wednesday.
Soota, one of the co-founders of MindTree, held 44 lakh shares amounting to over 11 per cent of the company.