L&T buys 71,835 more shares of Mindtree from open market1 min read . Updated: 21 May 2019, 06:16 PM IST
- With today’s purchase L&T holds 43.63 million shares or a 26.57% stake in Mindtree
- Mindtree’s stock closed up 0.03% at ₹980.30 on NSE
Mumbai: Larsen and Toubro Ltd (L&T) on Tuesday purchased 71,835 shares of IT services firm Mindtree Ltd. at ₹979.97 apiece in its run-up to the proposed takeover of the latter. With Tuesday’s purchase L&T holds 43.63 million shares or a 26.57% stake in Mindtree, according to an exchange filing.
Mindtree’s stock closed up 0.03% at ₹980.30 on NSE.
As it has crossed 26%, L&T is in a position to demand a board representation in Mindtree.
The engineering behemoth L&T is in the process of taking over Mindtree, with a plan to buy up to 66.32% in the company for a total of up to ₹10,700 crore. The deal, once consummated, will mark the country’s first hostile takeover in the IT industry.