Shares to fund SKAN and Happiest Health
Ashok Soota, Promoter and Executive Chairman of Happiest Minds Technologies, sold about 16.93 lakh equity shares of Happiest Minds Technologies, which is about 1.11 per cent of his holding in the company through the NSE/BSE. His holding in the company which was 51.24 per cent now stands at 50.13 per cent.
Talking about the transaction, Soota said “This transaction was primarily done to fund the capital requirements of SKAN, the not-for-profit medical research firm floated by him and enhance the share capital of Happiest Health.”
This sale is also in line with the strategy on ‘design for perpetuity’ articulated by Soota. This hinges on three pillars: ownership, leadership, and business strategy. On ownership, Soota plans to maintain his shareholding in Happiest Minds to not less than 40 per cent. After this transaction the shareholding of the promoter at 50.13 per cent in the company.