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1-min read

L&T Acquires Additional 2% Stake in Mindtree; Takes Total Holding to 25.9%

L&T has been buying Mindtree shares from the open market for three consecutive days. It had on Monday bought shares worth about Rs 113 crore.

PTI

Updated:May 9, 2019, 8:28 PM IST
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Larsen & Toubro, Hanwha Techwin, Indian Army, mobile artillery gun
File photo of L&T's logo. (Image: Reuters)

New Delhi: Infrastructure major Larsen and Toubro (L&T) has acquired another 2 per cent stake in Mindtree by purchasing shares from the open market, taking its overall holding in the mid-sized IT company to 25.93 per cent, according to a regulatory filing.

"This is to inform you that, Larsen and Toubro Ltd has acquired 33,05,775 equity shares (with face value of Rs 10 each) of Mindtree Ltd, since its last disclosure...made on May 8, 2019," L&T said in a filing.

The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.93 per cent, compared to 23.92 per cent prior to the transaction, another filing said.

The shares were purchased at Rs 980 apiece.

Earlier this month, Larsen and Toubro had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through a block deal for about Rs 3,210 crore.

The infrastructure major is in fray to buy up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the country's first-ever hostile takeover bid in the IT industry.

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