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Mid-sized information technology (IT) services firm Mindtree's Chairman Subroto Bagchi has gifted one-third of his shareholding in the company to his spouse Susmita Bagchi, a company release today said.
As on September 30, 2013, Bagchi held 20,81,523 shares in Mindtree, representing a 5.01% stake in the Bangalore-based company.
“This is purely a personal arrangement for estate planning and does not in any way change his professional capacity as chairman of Mindtree,” the company said. “This transfer also does not cause any change in the shareholding belonging to the category “Promoter and Promoter Group”.”
Shares of Mindtree have seen an outstanding rally on the stock exchanges since the beginning of 2013, in line with several of its peers. Since January 1 this year, Mindtree's shares have risen over 120% on the BSE.
