L&T raises stake in Mindtree by 2%, picks up shares worth Rs 316 cr last week; keen to increase shareholding to 66%
New Delhi: Infrastructure main Larsen and Toubro (L&T) has raised its stake in IT agency Mindtree by about 2 % between Could 20-24 by choosing up shares price over Rs 316 crore, based on regulatory information.
The event assumes significance as L&T has already acquired round 20 % stake within the mid-sized IT agency from V G Siddhartha and Cafe Espresso Day and is eager to extend its shareholding as much as 66 %.
In accordance with BSE information, L&T acquired shares from the open market all through the week with the very best quantum of shares being bought on 24 Could when it picked up practically 25 lakh shares of Mindtree at Rs 980 a bit.
A back-of-the-envelope calculation exhibits that the corporate spent over Rs 316 crore through the week for these transactions which took its total shareholding to 28.45 % from 26.48 % firstly of the week.
In a number of tranches, L&T mopped up about 32.25 lakh shares through the stated week. Shares of Mindtree ended flat at Rs 980 apiece on the BSE on Friday.
In March, L&T mounted a hostile takeover bid on Mindtree when it entered right into a deal to purchase Cafe Espresso Day proprietor V G Siddhartha’s 20.32 % stake in Mindtree and in addition positioned an order with brokers to choose up one other 15 % of the corporate shares from the open market.
Subsequent to those offers, L&T was to additionally make an open supply to purchase extra stake. In all, the infrastructure main is eyeing as much as 66 % stake in Mindtree for round Rs 10,800 crore.
L&T’s open supply—which was earlier slated to start on 14 Could—has been postponed because the engineering main is awaiting a nod from the Securities and Change Board of India (SEBI).
In a current interview to PTI, L&T Group Chairman A M Naik had stated the acquisition of Mindtree is the topmost agenda for the corporate in the intervening time.
“Right now, our mind is completely occupied on Mindtree and I hope, we will be able to eventually make this into a big company as well…We have got around 26 percent stake in Mindtree and now, we will wait till we get 51 percent,” he had stated including that the supply could be launched in a fortnight’s time.
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