Infrastructure major Larsen and Toubro (L&T) has acquired 1,29,065 shares of Mindtree from the open market, taking its overall holding in the mid-sized IT company to 26.65%, according to a regulatory filing.
The mode of the acquisition was open market purchases and L&T’s holding after the said purchase stood at 26.65%. The latest stock purchase was made at ₹979.78 apiece.
Earlier this month, Larsen and Toubro had purchased around 20% stake of V G Siddhartha and Coffee Day in Mindtree through a block deal for about ₹3,210 crore, and has since topped that up with share purchases from the open market.
In all, the infrastructure major is eyeing up to 66% stake in Mindtree for around ₹10,800 crore — marking the country’s first-ever hostile takeover bid in the IT industry.
L&T had proposed to buy additional stake in Mindtree through an open offer that was slated to begin on May 14 and close on May 27.
Shares of Mindtree ended at ₹983.50 apiece on the BSE on Wednesday, 0.21% higher than the previous closing.Source: Mint