Ashok Soota, co-founder and former chairman of MindTree, has sold almost half of his 11.1 per cent stake in the mid-sized information technology (IT) services company for Rs 94 crore.

Ashok SootaThe 5.5 per cent stake was bought by Coffee Day Resorts, an entity owned by Cafe Coffee Day Group owner, V G Siddhartha. Siddhartha already owns 6.12 per cent in MindTree through his venture capital company Global Technology Ventures (GTV).

Soota sold 2.2 million shares at Rs 433 per share, a 20 per cent premium to the stock�s closing price of Rs 361 yesterday, in a bulk deal on the National Stock Exchange. Shares in MindTree on Thursday closed 8.77 per cent higher at Rs 392.65 on the Bombay Stock Exchange.