Coffee baron V G Siddhartha sheds 1.44% stake in Mindtree

BAN GALORE: Coffee bean king V G Siddhartha has sold 6 lakh shares in Mindtree, representing 1.44% stake in the mid-sized IT services company, for Rs 65.40 crore through the open market. The promoter of the Coffee Day Group, in his personal capacity, sold 4 lakh shares bringing his shareholding down to 3.02%. His group company - Coffee Day Resorts - sold 2 lakh shares representing 0.48% stake, reducing its shareholding to 10.49%.
Siddhartha, along with two group companies - Coffee Day Resorts and Global Technology Ventures - is the single largest shareholder in Mindtree holding 21.56%. Last year, he along with his group companies bought 3.82% in Mindtree, increasing the shareholding from 17.72% to 21.46%. He bought former chairman Ashok Soota's stake in the IT services company through his VC firm Global Technology Ventures and Coffee Day Resorts.