L&T buys Mindtree shares worth ₹368 crore1 min read . Updated: 08 May 2019, 10:31 PM IST
- 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.