L&T’s stake in Mindtree rises to 26.48% after firm acquires 8.86 lakh shares of mid-sized IT agency

New Delhi: Infrastructure main Larsen and Toubro (L&T) has acquired 8.86 lakh shares of Mindtree from the open market, taking its total holding within the mid-sized IT firm to 26.48 p.c, in keeping with a regulatory submitting.

“Larsen and Toubro Ltd has acquired 8,86,438 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on 16 May, 2019,” a Mindtree submitting stated.

After the transaction, L&T’s shareholding in Mindtree elevated to 26.48 p.c. The newest inventory buy was made at Rs 979.81 apiece.

Representational picture. Reuters

Earlier this month, L&T had bought round 20 p.c stake of V G Siddhartha and Cafe Coffee Day in Mindtree by a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market.

On Tuesday, L&T had acquired 1,168 shares of Mindtree from the open market that had taken its holding to 25.94 p.c.

In all, the infrastructure main is eyeing as much as 66 p.c stake in Mindtree for round Rs 10,800 crore — marking the nation’s first-ever hostile takeover bid within the info expertise trade.

L&T had proposed to purchase extra stake in Mindtree by an open supply that was slated to start on 14 May and shut on 27 May.

However, the open supply appears to have been postponed because the engineering main is but to get a nod on the identical from the Securities and Exchange Board of India. Reports counsel that the supply could possibly be delayed by a fortnight.

Shares of Mindtree ended at Rs 980.25 apiece on the BSE on Thursday, 0.53 p.c increased than the earlier closing.

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