Veteran entrepreneur and Happiest Minds Technologies Executive Chairman Ashok Soota has sold a 1.11 per cent stake in the IT company, the company said in a statement on Thursday.

Soota has offloaded about 17 lakh equity shares of the technology company through the NSE and BSE, which brings down his holding in the company from 51.24 per cent to 50.13 per cent, the statement said.

At Thursday's closing price of ₹872.65 apiece, the value of 17 lakh shares is estimated to be over ₹148 crore. Shares of Happiest Minds fell 4.17 per cent to 872.65 on the BSE.

"This transaction was primarily done to fund the capital requirements of SKAN, the not-for-profit medical research firm floated by him, and enhance the share capital of Happiest Health," Soota said.

Soota plans to maintain his shareholding in Happiest Minds to not less than 40 per cent, the statement added.