L&T buys 11.52 lakh shares of Mindtree worth Rs 113 cr via open market after buying 20% stake of VG Siddharatha, Cafe Coffee Day

Mindtree's promoters had called L&T bid as hostile and raised corporate governance issues at L&T and culture difference between the two companies.

Press Trust of India May 07, 2019 08:14:40 IST
L&T buys 11.52 lakh shares of Mindtree worth Rs 113 cr via open market after buying 20% stake of VG Siddharatha, Cafe Coffee Day
  • L&T bought over 11.52 lakh shares, or 0.75% worth Rs 112.91 crore with the average price being Rs 979.94 per scrip.

  • Last week, L&T had purchased around 20% stake of V G Siddhartha and Cafe Coffee Day in Mindtree through block deal for about Rs 3,210 crore

  • Post-this transaction, the infrastructure major is in fray to buy up to 46 percent more stake in Mindtree.

New Delhi: Infrastructure major Larsen & Toubro on Monday bought shares worth about Rs 113 crore of Mindtree through open market transactions.

According to the bulk deal data available with the NSE, L&T bought over 11.52 lakh shares, or 0.75 percent, worth Rs 112.91 crore with the average price being Rs 979.94 per scrip.

However, the seller could not be ascertained immediately.

Last week, L&T had purchased around 20 percent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through block deal for about Rs 3,210 crore.

Post-this transaction, the infrastructure major is in fray to buy up to 46 percent more stake in Mindtree.

LT buys 1152 lakh shares of Mindtree worth Rs 113 cr via open market after buying 20 stake of VG Siddharatha Cafe Coffee Day

Representational image. Reuters

L&T had signed a deal to buy Cafe Coffee Day owner Siddhartha's 20.32 percent stake in Mindtree and also placed an order with brokers to pick up another 15 percent of the company shares from the open market for about Rs 2,500 crore.

Subsequent to these deals, L&T would make an open offer to buy additional 31 percent stake through an open offer.

Mindtree had formed a panel of independent directors to look into "unsolicited open offer" by infrastructure major L&T to give its recommendations.

Mindtree's promoters had called L&T bid as hostile and raised corporate governance issues at L&T and culture difference between the two companies.

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