Mindtree chairman Krishnakumar Natarajan sells 0.25% stake for Rs 324.5 mn

Also, Coffee Day Group founder V G Siddhartha resigns from Board of Directors

Mid-size IT services company Mindtree on Thursday said that its co-founder and executive chairman Krishnakumar Natarajan and his family have sold 400,000 equity shares in the Bengaluru-based company for around Rs 324.5 million in an open market transaction.

As of the quarter ending December 2017, Natarajan and his family, including his wife Akila Krishnakumar, held 8,627,887 shares or about 5.27% in Mindtree. With this transaction, his shareholding in the company will come down to about 5.02%.
 

In a statement issued late on Thursday Mindtree confirmed the development. "Mindtree confirms that its Executive Chairman Mr. Krishnakumar Natarajan has sold some shares on March 13. The share sale is to create an initial corpus for Mr. Natarajan's charitable foundation," it said.

As of December 31, 2017, promoters and the promoter group held 13.64% in Mindtree.

Last week, Mindtree had announced the resignation of its investor and Coffee Day Group founder V G Siddhartha from the Board of Directors. Siddhartha, who is an early investor in Mindtree, owns 20.45% stake in the company, directly as well as through two of Coffee Day Group entities.

In its note to the stock exchanges, Mindtree had said that Siddhartha resigned from the board “due to pre-occupation with immediate business priorities for the Coffee Day group”, and the Board of Directors at its meeting held on March 9, 2018 accepted his resignation.

On Thursday, Mindtree’s share price on BSE closed at Rs 843.30, a growth of 5.42% over the previous day’s close.