Infrastructure major Larsen and Toubro (L&T) has acquired 1,168 shares of Mindtree from the open market, taking its expanding its holding in the mid-sized IT company to 25.94 per cent, according to a regulatory filing.<\/p>\n
Larsen and Toubro Ltd has acquired 1,168 equity shares (with face value of Rs 10 each) of Mindtree Ltd on May 14, 2019, the company said in a filing.<\/p>\n
The medium of the acquisition was open market purchases and L&T’s holding after the said purchase stood at 25.94 per cent. The latest stock purchase was made at Rs 972 apiece.<\/p>\n
Previously, Larsen and Toubro had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market.<\/p>\n
On May 9, L&T had announced the acquisition of an additional 2 per cent stake in Mindtree.<\/p>\n
In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore, being the country’s first-ever hostile takeover bid in the IT industry.<\/p>\n
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.<\/p>\n
However, the open offer has been postponed as the engineering major is yet to get a nod on the same from the Securities and Exchange Board of India (SEBI). Reports suggest that the offer could be delayed by a fortnight. Emails sent to L&T on the issue did not elicit a response.<\/p>\n
Shares of Mindtree ended at Rs 974.25 apiece on the BSE on Tuesday, 0.13 per cent lower than the previous closing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Infrastructure major Larsen and Toubro (L&T) has acquired 1,168 shares of Mindtree from the open market, taking its expanding its holding in the mid-sized IT company to 25.94 per cent, according to a regulatory filing. Larsen and Toubro Ltd has acquired 1,168 equity shares (with face value of Rs 10 each) of Mindtree Ltd on […]<\/p>\n","protected":false},"author":1,"featured_media":4451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[3876,3572,66],"class_list":["post-5141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-larsen-and-toubro","tag-mindtree","tag-sebi"],"aioseo_notices":[],"yoast_head":"\n