Ashok Soota, the promoter of Happiest Minds, on Thursday made several of his employees millionaires after the company’ shares listed at Rs 351, up more than 111 per cent from the issue price of Rs 166.
The company’s five key employees together held about 2.01 per cent stake, or 29.25 lakh shares, which would be worth about Rs 102.68 crore at listing price.
With around 11.90 lakh shares, Joseph Anantharaju, Vice-Chairman Designate, President and CEO, PES, is richer by nearly Rs 42 crore. Likewise, the 8.42 lakh share holdings of Venkatraman Narayanan, Executive Director & CFO, would be worth around Rs 30 crore.
Anantharaju joined the company on August 8, 2011. Prior to joining Happiest Minds, he was associated with MindTree. His gross remuneration for the financial year 2020 was around Rs 2.33 crore.
Narayanan has been associated with the company since April 23, 2015. Prior to joining Happiest Minds, he had stints with Sonata Software, TeamLease Services, SAP India Private, Oracle India Private, Arthur Anderson and Associates, Petrot Systems TSI (India), Transwork Information Services and MindTree Consulting.
Chaluvaiya Ramamohan (President & CEO, IMSS), made Rs 17.92 crore, Rajiv Shah (President & CEO, DBS) Rs 11.50 crore and Praveen Kumar Darshankar (Company Secretary and Compliance Officer) Rs 1.93 crore.
“As on the date of red herring prospectus, except for Ashok Soota, Venkatraman Narayanan, Praveen Kumar Darshankar, Chaluvaiya Ramamohan, Rajiv Shah, and Joseph Anantharaju, none of our other directors or key management personnel hold any equity shares of our company,” the company said in the DRHP, adding that it had 725 shareholders on that date.