Happiest Minds shares plunge 10% after ₹1076 crore block deal

The shares, making up an 8.3% stake in the computer software and consulting company, changed hands on June 25 at an average price of ₹847 per piece. The block deal was reportedly valued at ₹1,076 crore. Details of the buyers and sellers engaged in the block deal, however, are not known yet.

Opening at ₹846.20 per piece on NSE, down by over 7% from the previous closing of ₹917.35, the Happiest Minds Technologies stock made some gains to touch the level of ₹852.90. However, as the trade progressed Happiest Minds shares plunged to their intraday low before closing at ₹830.

On June 24, reports claimed that Ashok Soota, the promoter and executive chairman of Happiest Minds Technologies, initiated a block deal for selling a 6% stake in the IT firm. The total offer size for the block deal would amount to ₹754 crore.

The report said that the floor price for the sale was fixed at ₹826 per share. Further, it mentioned Kotak Securities is the sole broker for the transaction and that there is a six-month lock-in period on the residual stake held by Soota.

Happiest Minds Technologies Limited is an IT major that claims to leverage technologies such as artificial intelligence, blockchain, cloud, digital process automation, the Internet of Things, robotics, drones, and virtual reality.

Happiest Minds Technologies Limited, headquartered in Bengaluru, has operations in the USA, UK, Canada, Australia, and the Middle East.