Wednesday, May 8

L&T acquire 24.9 lakh shares of Mindtree, shareholding now up to 28.45%

NEW DELHI: Infrastructure major Larsen and Toubro (L&T) 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 ₹10 each) of Mindtree Ltd on May 24, 2019,” a BSE filing by Mindtree said.

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

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 ₹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 percent stake in Mindtree for around ₹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, 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 ₹980 per share on the BSE on Friday.