Happiest Minds Technologies Block Deal: 8.3% equity worth ₹1,076 crore changes hands

As many as 1.27 crore shares, or 8.3% equity, of Happiest Minds Technologies worth ₹1,076 crore changed hands in large trade at an average price of ₹847 per share on Tuesday, June 25.

The official buyers and sellers are not yet known.

On Monday, June 24, CNBC-TV18 reported, citing sources, that the IT firm’s promoter and executive chairman Ashok Soota had initiated a block deal to sell 6% stake in the company and the total offer size for the deal amounted to ₹754 crore.

Sources had said the floor price for the sale was set at ₹826 per share, representing a 10% discount to the last closing price. Kotak Securities is the sole broker for the transaction, sources said, adding that there is a six month lock up period on the residual stake held by Soota.

At the end of the March quarter, the promoter and promoter group held 50.24% stake in the company, as per data available on the Bombay Stock Exchange (BSE).

On another note, Happiest Minds Tech reported a 24.83% increase in consolidated net profit at ₹71.98 crore for the March quarter, compared to ₹57.66 crore in the year-ago period.

Its revenue from operations for the reporting quarter stood at ₹417.29 crore, as against ₹377.98 crore in Q4FY23, translating into a 10.4% rise. Annual profits saw a 7.53% rise to ₹248.39 crore, as compared to the previous fiscal’s ₹ 230.99 crore

Last month, the company said it was expecting 35 to 40% revenue growth for FY25.

Happiest Minds Technologies shares were trading 7.7% lower at ₹846.8 apiece at 9.20 am on Tuesday, June 25.