L&T acquires 1,29,065 shares of Mindtree from open market

Industry:    May, 2019

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.