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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 major Larsen and Toubro (L&T) has acquired 8.86 lakh shares of Mindtree from the open market, taking its overall holding in the mid-sized IT company to 26.48 percent, according to a regulatory filing.

"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 filing said.

After the transaction, L&T's shareholding in Mindtree increased to 26.48 percent. The latest stock purchase was made at Rs 979.81 apiece.

 L&Ts stake in Mindtree rises to 26.48% after company acquires 8.86 lakh shares of mid-sized IT firm

Representational image. Reuters

Earlier this month, L&T had purchased around 20 percent 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 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 percent.

In all, the infrastructure major is eyeing up to 66 percent 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 14 May and close on 27 May.

However, the open offer seems to have been postponed as the engineering major is yet to get a nod on the same from the Securities and Exchange Board of India. Reports suggest that the offer could be delayed by a fortnight.

Shares of Mindtree ended at Rs 980.25 apiece on the BSE on Thursday, 0.53 percent higher than the previous closing.

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Updated Date: May 16, 2019 20:03:48 IST