Happiest Minds Share Price Slumps on 8.3% Block Sale
Last Updated: 25th June 2024 - 10:50 am
On June 25, shares of the information technology services company Happiest Minds valued at ₹1,076 crore were traded on the stock exchanges through a block deal. Approximately 1.27 crore shares, representing 8.3% equity, were exchanged at an average price of ₹847 per share.
At 9:20 am IST, Happiest Minds share price dropped nearly 9%, trading at ₹837.55 on the NSE.
Sources referenced by CNBC-TV18 suggested that Ashok Soota, the promoter and executive chairman of Happiest Minds, was expected to sell a 6% stake in the company through this block deal. Reports indicated that the total offer size for the deal was approximately ₹754 crore. The floor price for the sale was set at around ₹826 per share, representing a 10% discount to the previous closing price.
Kotak Securities has been designated as the sole broker for this transaction. Additionally, promoter Ashok Soota will be restricted from selling any more shares for the next six months due to a lock-up period on his remaining stake.
The Bengaluru-based company's revenue rose by 10.4% year-on-year to ₹417 crore for the fourth quarter. During the same period, profit surged by nearly 25% to approximately ₹72 crore. For the full year, the company's revenue increased by 13.7%.
For the reporting quarter, the company's revenue from operations was ₹417.29 crore, up from ₹377.98 crore in Q4FY23, marking a 10.4% increase. Annual profits rose by 7.53% to ₹248.39 crore, compared to ₹230.99 crore in the previous fiscal year. Last month, the company announced its expectation of a 35 to 40% revenue growth for FY25.
Over the past year, shares of Happiest Minds have declined by approximately 3.5% in trading, compared to a 25% increase in the benchmark Nifty 50 index.
Happiest Minds Technologies Limited offers information technology services, including big data analytics, cloud computing, networking, engineering, digital solutions, infrastructure, and other managed support services. The company caters to customers globally.
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Tanushree Jaiswal
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