Singapore-based Nalanda Capital has increased its holding in IT consultancy services firm MindTree Ltd by another 2.35 per cent for a total consideration of $9.36 million (Rs 45.744 crore). The private equity firm, which focuses on public-listed Indian companies, has now increased its overall stake to 11.19 per cent.
MindTree shares closed at Rs 464.55 a unit on Wednesday, up 4.86 per cent on a day when Mumbai market rose 0.12 per cent. The shares were bought on Monday at an average price of Rs 450 a piece. At today’s closing price, Nalanda’s stake in the company is worth Rs 211 crore.
MindTree also announced today the appointment of Subroto Bagchi and Dr Albert Hieronimus as chairman and vice-chairman, respectively, effective from April 1.
Nalanda initially bought into MindTree in February 2009, buying close to 2 per cent stake from the venture capital firm Walden International. It also invested in Aztecsoft, which was acquired by MindTree in one of the biggest deals in the domestic IT space. Since then, Nalanda has been increasing its holding opportunistically, reaching 9.75 per cent.
VG Siddhartha’s group holding company Coffee Day Resorts Pvt Ltd has also been the company’s stake held by former chairman and co-founder Ashok Soota. The group holds nearly 18 per cent stake in MindTree through Global Technology Ventures and Coffee Day Resorts.