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

Construction major L&T held 9.87 crore equity shares in Mindtree as on 2 July following its recently-concluded open offer

Press Trust of India July 04, 2019 07:39:50 IST
Mindtree says L&T has 'acquired control' of firm, categorised as promoter with 60.06% stake
  • The development is significant as the Mindtree founders had initially resisted the hostile takeover bid

  • Mindtree founders had also tried to rally the support of large investors in the initial weeks of the drama

  • Construction major L&T held 9.87 crore equity shares in Mindtree as on 2 July following its recently-concluded open offer

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.

Mindtree says LT has acquired control of firm categorised as promoter with 6006 stake

Representational image. Reuters.

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.

Updated Date:

also read

From actor to judge: Outgoing SC judge Justice Nageswara Rao has acted alongside Kader Khan, Sanjay Dutt
India

From actor to judge: Outgoing SC judge Justice Nageswara Rao has acted alongside Kader Khan, Sanjay Dutt

The revelation was made by senior advocate and vice president of the Supreme Court Bar Association Pradeep Rai during Justice Rao’s farewell on Friday

Enroute Delhi from Nepal, PM Modi makes stopover in Lucknow, meets ministers in Yogi Adityanath's Cabinet
India

Enroute Delhi from Nepal, PM Modi makes stopover in Lucknow, meets ministers in Yogi Adityanath's Cabinet

During the meeting with Uttar Pradesh ministers, PM Modi presented his views on good governance and how to improve the performance of the government. He also asked them to ensure that benefits of government schemes reach common people

PM Modi makes stopover in Lucknow for dinner with Yogi Adityanath, cabinet on return from Nepal
India

PM Modi makes stopover in Lucknow for dinner with Yogi Adityanath, cabinet on return from Nepal

Prime Minister Modi was received at the airport by Chief Minister Yogi Adityanath and Governor Anandiben Patel