Mindtree says L&T has 'acquired control' of firm, categorised as promoter with 60.06% stake

New Delhi: IT firm Mindtree on Wednesday said Larsen and Toubro (L&T) has “acquired control” of the company with a 60.06 percent stake and has been categorised as a promoter. The development is significant as the Mindtree founders had initially resisted the hostile takeover bid and had also tried to rally the support of large investors in the initial weeks of the drama.

“We wish to inform that Larsen & Toubro Limited has acquired equity shares to an extent 60.06 percent of the total shareholding of the company and has acquired control and is categorised as promoter pursuant to SEBI…Regulations, 2018,” Mindtree said in a BSE filing.

Construction major L&T held 9.87 crore equity shares in Mindtree as on 2 July following its recently-concluded open offer, according to the filing by the Bengaluru-based tech firm. [caption id=“attachment_6285691” align=“alignleft” width=“380”]  Representational image. Reuters.[/caption] L&T had on Tuesday said it has made payments to shareholders who tendered their shares successfully in the open offer, which closed on 28 June. In a deal that had marked India’s first-ever hostile takeover bid in the IT space, L&T had bought 20.32 percent shares in Mindtree from V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March, and then shored up its holding with more shares from the open market and a subsequent open offer for additional 31 percent stake.