Happiest Mind Tech share price tumbled 9 per cent to hit an intraday low of Rs 830.2 apiece, and was down 7.9 per cent at Rs 844.45 per share at 10:07 AM. This comes after the stock came under heavy selling pressure post a massive block deal.
At 9:15 AM, 9.8 million shares changed hands on the counter on the BSE at a price of Rs 838 per share. Till the time of the writing of this report, 26.64 million shares had, together, changed hands on the NSE and BSE. The names of the buyers and sellers could not be ascertained immediately.
Reports, however, suggest Happiest Minds’ Promoter and Executive Chairman, Ashok Soota, was looking to sell 6 per cent stake in the company through a block deal.
Promoter Ashok Soota, reports added, will not be allowed to sell any further stake for the next six months on the back of a lock-up period on any stake further held by him after today’s large trade.
As of March 2024, Ashok Soota held 38.45% stake in the company holding nearly 5.85 crore shares of Happiest Minds out of the 50% shareholding by the promoter and promoter group while 48% is held by the public.
Other promoters such as Veena Soota, and Deepak Soota held 0.02 per cent and 0.03 per cent stake, respectively.
Meanwhile, Ashok Soota Medical Research LLP, a promoter group, held 11.79 per cent stake.
Among public shareholders, Mutual Funds held 1.32 per cent stake, Insurance Companies 1.25 per cent, and FPIs 4.56 per cent.
Happiest Minds Technologies Limited provides next-gen IT solutions, leveraging cloud computing, social media, mobility, analytics, unified communications, and IoT. The company specialises in Digital Transformation, Product Engineering, Infrastructure Management, Security, Testing, and Consulting, serving industries like Retail/CPG, BFSI, Travel, Manufacturing, and Media.
In Q4FY24, it posted a revenue of Rs 420 crore, up 1.8 per cent quarter-on-quarter (Q-o-Q) in rupee terms, and 1.4 per cent Q-o-Q in USD terms. Profit, meanwhile, increased by 25 per cent on year to Rs 72 crore.
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