L&T’s stake in Mindtree rises to 26.48% after company acquires 8.86 lakh shares of mid-sized IT firm
New Delhi: Infrastructure main Larsen and Toubro (L&T) has acquired 8.86 lakh shares of Mindtree from the open market, taking its general holding within the mid-sized IT firm to 26.48 %, 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 %. The newest inventory buy was made at Rs 979.81 apiece.
Earlier this month, L&T had bought round 20 % stake of V G Siddhartha and Cafe Espresso 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 %.
In all, the infrastructure main is eyeing as much as 66 % stake in Mindtree for round Rs 10,800 crore — marking the nation’s first-ever hostile takeover bid within the data know-how trade.
L&T had proposed to purchase further stake in Mindtree by an open supply that was slated to start on 14 Could and shut on 27 Could.
Nevertheless, 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 Alternate Board of India. Studies recommend 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 % greater than the earlier closing.
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