Mindtree Executive Chairman Krishnakumar Natarajan today said 240 equity shares of the company were "inadvertently acquired" by his portfolio managers and sought guidance from the market regulator on the future course of action.
In a letter to the company, exchanges and regulator SEBI, Natarajan said his holding in Mindtree was 8,844,172 equity shares, amounting to 5.264 per cent of the paid up capital along with members of his family.
Natarajan is also one of the promoters of the mid-tier IT firm.
"I have opted for Portfolio Management Services (PMS) with ICICI Prudential Asset Management Company (Portfolio Manager) for the investment in small cap funds. However, the Portfolio Manager has inadvertently acquired 240 equity shares of Mindtree (though Mindtree is not a small cap) on March 1, 2017 without informing me or seeking my permission," Natarajan said.
He added that subsequent to the said purchase, his holding in Mindtree has increased by 240 shares.
"Since I did not have an intention to trade in Mindtree shares and the trade has happened without my knowledge/information, I had not obtained pre-trading approval from the company. I would like to add that the trading window was open at the time of the transaction (March 1, 2017)," he said.
Natarajan noted that the number of shares as well as the purchase value is negligible, considering the current market capitalisation of Mindtree.
"...Would like to bring this to your attention and seek your guidance whether any action needs to be taken based on these facts," he said.
Acknowledging the letter, Mindtree said: "The company will evaluate and act on the same as per the Code of Conduct for the prevention of insider trading in Mindtree Securities".
Shares of the Bengaluru-based firm today closed at Rs 448.80 apiece, down marginally from its previous close on the BSE.
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