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Mindtree Chairman gifts one-third shares to wife

Dec 31 2013, 19:14 IST
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The company scrip closed at Rs 1,530.65, valuing the gift at about Rs 106.2 crore The company scrip closed at Rs 1,530.65, valuing the gift at about Rs 106.2 crore
SummaryMindtree Chairman has gifted one-third of his IT firm's shares, worth about Rs 106.2, to his wife Susmita Bagchi

Mindtree Chairman has gifted one-third of his IT firm's shares, worth about Rs 106.2, to his wife Susmita Bagchi.

The move does not impact the sharholding pattern of the promoter group or the chairman's professional status, the company said.

"Chairman Subroto Bagchi has gifted one-third of his shareholding in Mindtree to his spouse Susmita Bagchi," the company said in a statement.

The company scrip closed at Rs 1,530.65, valuing the gift at about Rs 106.2 crore.

At the end of September this year, Bagchi held 20,81,523 shares (5.01 per cent of the total shareholding) in Mindtree, according to a filing on the BSE.

"This is purely a personal arrangement for estate planning and does not in any way change his professional capacity as Chairman of Mindtree," it said.

The transfer also does not cause any change in the shareholding belonging to the category "Promoter and Promoter Group", it added.

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