Happiest Minds Technologies' Promoter Ashok Soota Sells Stake Worth Rs 762 Crore

Ashok Soota, the promoter of Happiest Minds Technologies Ltd., sold a stake worth Rs 762 crore in the firm he founded through open market transactions on Tuesday, with Mansi Share and Stock Advisors and PRB Securities among the buyers.

Soota offloaded a 6% stake in the software and consulting company at Rs 834.87 per share, according to bulk deal data on the BSE. As of March, he held a 38.34% stake.

On the other hand, Mansi Share and Stock Advisors bought 9.3 lakh shares at Rs 837.57 apiece. PRB Securities also acquired a 0.59% stake at Rs 843.6 per share.

The company's net profit rose 24.83% over the preceding year to Rs 71.98 crore for the quarter-ended March. It expects to cash in on its newly launched generative artificial intelligence business unit.

The stock has fallen 10.8% in the last 12 months and by 5% so far this year.

Shares of Happiest Minds Technologies closed 9.53% lower on Tuesday at Rs 829.90 apiece, as compared with a 0.79% advance in the NSE Nifty 50.