Home / Companies / News /  L&T raises Mindtree stake to 28.88%

Mumbai: Infrastructure major Larsen and Toubro (L&T) on May 30 acquired about 26,974 shares of Mindtree from the open market, taking its shareholding in the IT services firm to 28.88%, according to a regulatory filing.

After the latest transaction, L&T's shareholding in Mindtree stands at 28.88% per cent. The latest stock purchase was made at 980 apiece.

Earlier this month, L&T purchased around 20% stake of V.G. Siddhartha and Cafe Coffee Day in Mindtree through a block deal for around 3,210 crore, and had since topped that up with share purchases from the open market.

On Monday, L&T had acquired 2.3 lakh shares of Mindtree, followed by another 3.56 lakh shares on Tuesday and 97,815 shares on Wednesday from the open market. In the week of May 20-24, L&T purchased shares worth over 316 crore.

In all, L&T is eyeing up to 66% stake in Mindtree for around 10,800 crore, marking the country's first-ever hostile takeover bid in the information technology industry.

L&T had proposed to buy additional stake in Mindtree through an open offer that was slated to begin on May 14 and close on May 27. However, the open offer has been postponed as the engineering major is yet to get nod from the Securities and Exchange Board of India.

Shares of Mindtree ended 0.02% lower at 980 apiece on the BSE on Thursday.

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