VG Siddhartha’s group holding company Coffee Day Resorts Pvt Ltd has increased its stake in IT consultancy services firm MindTree Ltd by 2.24 per cent for Rs 39.56 crore. With this transaction, the shareholding of the Coffee Day Group has increased to 14.58 per cent, just short of the 15 per cent mandatory open offer trigger point.

Coffee Day Resorts – backed by New Silk Route, Standard Chartered Private Equity and Kohlberg Kravis Roberts – had increased its stake last month to become the single largest shareholder in the Bangalore-based firm.

While the group now holds 7.98 per cent stake through Coffee Day Resorts, the remaining 6.6 per cent holding is through Global Technology Ventures.

Most of the shares were acquired from Ashok Soota, former chairman and co-founder, who sold 2.05 per cent stake in the company for 36.2 crore on Tuesday. The stake held by Soota, who has started his , will come down to 3.54 per cent. Late last month, Soota had sold 5.75 per cent stake to Coffee Day Resorts for Rs 94 crore.

MindTree scrip closed at Rs 411.3 on Tuesday, up 3.39 per cent at the BSE.

MindTree has recently reported 7.8 per cent QoQ and 117 per cent YoY increase in profit-after-tax to Rs 34.5 crore for the April-June quarter. Revenue was up 5.6 per cent QoQ and 18.5 per cent YoY to Rs 413.1 crore for the same period.

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