L&T buys Mindtree shares worth 368 crore

  • Mindtree is in the midst of a takeover battle, with L&T seeking to take control of the mid-sized IT firm
  • Subsequent to these deals, L&T would make an open offer to buy additional 31% stake

NEW DELHI : Infrastructure major Larsen & Toubro on Wednesday bought shares of Mindtree worth about 368 crore through open market transactions.

According to bulk deal data available with the NSE, L&T bought over 37.53 lakh shares, or 2.28% stake, worth 367.8 crore, with the average price being 979.96 per scrip.

Meanwhile in a separate transaction, one Rekha N Shah sold 26.84 lakh shares of Mindtree for 263 crore.

Mindtree is in the midst of a takeover battle, with Larsen & Toubro (L&T) seeking to take control of the mid-sized IT firm. However, Mindtree's promoters are opposed to the proposed deal.

L&T has been buying Mindtree shares from the open market for three consecutive days.

It had on Monday bought shares worth about 113 crore.

On Tuesday, L&T purchased 8.43 lakh shares at 979.9 per scrip, translating into a deal size of 82.6 crore.

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

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

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

Shares of Mindtree ended 0.21% higher at 982 on NSE.

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