Singapore-based private equity firm, Nalanda Capital increased its stake to 11.19 per cent in Mindtree.
The PE firm, Nalanda already had a stake of 8.84 per cent in Mindtree. Nalanda India Fund and Nalanda India Equity Fund purchased the stake of 2.85 per cent through open market. Although the price of acquisition was undisclosed, the market price on Wednesday was Rs 464 per share.
The announcement coincided with the elevation of vice-chairman Subroto Bagchi as chairman of Mindtree, replacing the incumbent Albert Hieronimus. However Café Coffee Day’s promoter VG Siddhartha, who riased his stake to 18 per cent acquiring co-founder Ashok Soota’s stake of about 5.5 per cent said he had no plans to take roles in the company’s management.
Bagchi, said, “The job of the board is that of the tail of the arrow and represents the interests of shareholders. I will be the interface between shareholders and management”. When asked about the declining numbers of customers of Mindtree, Mindtree, chief executive officer Krishna Kumar Natarajan, said to Financial Chronicle, “We have been deliberately withdrawing from our customers where our verticals are not strong. It is because we want to concentrate on few verticals and be more important and strategic for our customers”.
Source: My Digital FC