New Delhi: Promoter of Cafe Coffee Day V G Siddhartha Monday purchased 3.84 percent stake in IT services firm MindTree through an open market transaction worth Rs 95.4 crore.
Siddhartha, who also sits on MindTree's board, purchased the 1,564,000 shares at Rs 610 apeice in a bulk deal from investment firm Walden Software that sold a total 19,64,205 MindTree shares for around Rs 120 crore.
Financial services firm Gagandeep Credit Capital picked up the balance 400,000 shares for Rs 24.4 crore at same price.
Before this transaction, Siddhartha through his group companies, Cafe Coffee Day Resort (11.26 percent) and Global Technology Venture (6.53 pc), held around 17.79 percent in MindTree.
Post-transaction, Siddartha's individual stake along with his group companies reached 21.6 percent.
At the end of March 2012, Walden has 9.78 percent stake in the company. Venture capital firm Walden
International sold almost half of its remaining 9.8 percent stake in its nearly decade-old investment in MindTree for Rs 90 crore in April, 2011. The investment firm, through its entity Walden Software Investments, had been gradually paring its stake in the Bangalore-based firm over the past three years.
In 1992, Siddartha founded Amalgamated Bean Coffee Trading Company and started coffee retail business in 1995 under the brand name of Cafe Coffee Day (CCD). He has been investing in technology companies since 1995 and has invested in more than 15 technology companies.
Shares of MindTree closed 1.23 percent down at Rs 604.95 on BSE.
First Published: Monday, June 18, 2012, 21:04