CHENNAI: Nalanda India Capital, a Singapore-based investment fund run by Pulak Prasad has bought more than seven lakh shares in IT services firm MindTree from Walden International. The transaction, valued at Rs 15.6 crore, happened through the bulk deal route on the Bombay Stock Exchange on Tuesday. The deal translates to an almost 2% stake in the company.

Data from the bourse shows Nalanda bought 7,40,469 shares of MindTree at Rs 211.96 apiece. Of this, venture capital firm Walden International sold 7.35 lakh shares. The sellers of the remaining shares could not be determined immediately. Walden still has a 15.8% stake in MindTree, post the deal. While a MindTree official did not wish to comment, Nalanda Capital officials were not reachable.

Nalanda Capital, which raised Rs 1,600 crore a couple of years back, seems to have a fetish for open market purchases and has previously bought shares in Mastek Global, Carborundrum Universal, Triveni Engineering, Kirloskar Engines and Sun TV through this route. The most recent was the Sun TV bulk deal, where it picked up a 1.8% stake from Indiabulls Financial Services for Rs 101.5 crore in December 2008.

Nalanda typically buys shares in multiple lots and takes 7-8% in any company it invests in. Going by this trend in its earlier investments, industry observers expect Nalanda to further hike its stake in MindTree.

On Wednesday, the MindTree scrip on the BSE was up 20 basis points and ended 0.10% at Rs 205.00, compared to the previous close of Rs 204.80.

source: Economictimes

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