Placeholder canvas

L&T hikes shareholding in Mindtree to 28.45%, picks up 24.9 lakh shares

Date:

Infrastructure major Larsen and Toubro (L&T) on Thursday acquired over 24.9 lakh shares of Mindtree from open market, taking its shareholding in the IT services firm to 28.45 per cent, according to a regulatory filing.

“Larsen and Toubro Ltd has acquired 24,99,619 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 24, 2019,” a BSE filing by Mindtree said.

ALSO READ: Mexican food chain Taco Bell to expand in India by opening 600 restaurants

After the latest transaction, L&T’s shareholding in Mindtree stands at 28.45 per cent. The latest stock purchase was made at Rs 980 apiece.

Earlier this month, L&T purchased around 20 per cent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from open market.

On Thursday, L&T had acquired 4.5 lakh shares of Mindtree from the open market.

In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore, marking the country’s first-ever hostile takeover bid in the information technology 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. However, the open offer has been postponed as the engineering major is yet to get nod from the Securities and Exchange Board of India.
In a recent interview to PTI, L&T Group Chairman A M Naik had said the acquisition of Mindtree is the topmost agenda for the company at the moment.

“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 per cent stake in Mindtree and now, we will wait till we get 51 per cent. The open offer will be launched in about 10-12 days time,” he had said.

Shares of Mindtree ended flat at Rs 980 apiece on the BSE on Friday.

Click here for Latest News updates and viral videos on our AI-powered smart news genie

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Gangster-Turned-Politician Mukhtar Ansari Dies Of Cardiac Arrest

Banda: Gangster turned politician Mukhtar Ansari passed away at...

IPL 2024: Rajasthan Royals Defeat Delhi Capitals By 12 Runs

Jaipur: Rajasthan Royals clinched a 12-run win over Delhi...

FTX Founder Sam Bankman-Fried Sentenced To 25 Years In Prison For Fraud

New Delhi: Sam Bankman-Fried, the renowned founder of cryptocurrency...