The news of the partial sale of the stake of MindTree by its former Chairman, Ashok Soota pushed the stock of this Bangalore based IT company to 18% high on Thursday. The investors were concerned about this sale since he took the decision of quitting the company in March 2011.

After the sale of the 5.5% holding by Mr. Soota at a premium of 18.5% to the closing price of Rs. 361 per share, Mr. Soota is expected to sale his remaining stock in the coming few months.

MindTree is Bangalore based IT firm which offers IT services and product engineering solutions has gained 1,500 crore in revenue during FY11. The IT division of the company has grown in the past but its engineering division is continuing to face challenges.

The company has invested $4.5 million in the telecom infrastructure and smart phone products but has pulled $3.7 million as one time charges for restricting its one of the divisions. To its profits, the company is adopting cost efficiency measures such as recruiting professionals having lesser than 3 years of experience and effective utilization of the available man power.

During FY12, the company is planning to recruit 2,000-2,250 employees out of which two third will be fresher.

Mr. Soota, along with other nine professionals had set up MindTree in August 1999 and in January this year he resigned as an executive chairman to start his new business Happiest Minds Technologies.