Mumbai: Larsen & Toubro Ltd (L&T) made an open offer on Tuesday to acquire a 31% stake in IT services firm Mindtree Ltd for ₹5,030 crore ($730.20 million).
L&T said it has offered to buy 51.3 million Mindtree shares at ₹980 apiece.
Last week, L&T said it will buy a 20.32% stake in Mindtree for ₹3,269 crore ($476.57 million). The company, which is acquiring the shares from Indian coffee baron V.G. Siddhartha and companies related to him, said it had also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree’s shares at 980 rupees apiece.
Also read: A culture shock awaits Mindtree employees under L&T
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed