Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Larsen and Toubro Acquires 1,168 Shares of Mindtree from Open Market

The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.94 per cent. The latest stock purchase was made at Rs 972 apiece.

PTI

Updated:May 14, 2019, 6:19 PM IST
facebookTwitterskypewhatsapp
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 1,168 shares of Mindtree from the open market, taking its overall holding in the mid-sized IT company to 25.94 per cent, according to a regulatory filing.

"Larsen and Toubro Ltd has acquired 1,168 equity shares (with face value of Rs 10 each) of Mindtree Ltd on May 14, 2019," the company said in a filing.

The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.94 per cent. The latest stock purchase was made at Rs 972 apiece.

Earlier this month, Larsen and Toubro had purchased around 20 per cent stake of VG Siddhartha and Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market.

On May 9, L&T had announced the acquisition of an additional 2 per cent stake in Mindtree.

In all, the infrastructure major is eyeing 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.

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 seems to have been postponed as the engineering major is yet to get a nod on the same from the Securities and Exchange Board of India (SEBI). Reports suggest that the offer could be delayed by a fortnight. Emails sent to L&T on the issue did not elicit a response.

Shares of Mindtree ended at Rs 974.25 apiece on the BSE on Tuesday, 0.13 per cent lower than the previous closing.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 47.40 15.47
Indiabulls Hsg 197.95 14.39
Reliance 1,396.50 1.76
SBI 265.45 3.67
Zee Entertain 264.45 1.85
Company Price Change %Gain
Yes Bank 47.40 15.19
Indiabulls Hsg 197.15 14.03
RBL Bank 289.85 12.32
Tata Motors 138.15 9.82
HUL 2,107.80 1.74
Top Gainers
Company Price Change %Gain
Yes Bank 47.40 15.47
Tata Motors 139.50 10.85
Eicher Motors 20,491.85 6.61
IndusInd Bank 1,340.10 5.15
SBI 265.45 3.67
Company Price Change %Gain
Yes Bank 47.40 15.19
Tata Motors 138.15 9.82
IndusInd Bank 1,339.80 5.13
SBI 265.45 3.73
Bajaj Auto 3,110.30 2.96
Top Losers
Company Price Change %Gain
Vedanta 148.30 -1.07
Grasim 724.55 -0.86
TCS 2,030.95 -0.75
HCL Tech 1,093.05 -0.71
UltraTechCement 4,260.45 -0.58
Company Price Change %Gain
HCL Tech 1,089.45 -1.04
Vedanta 148.15 -1.04
Power Grid Corp 197.70 -0.50
Kotak Mahindra 1,601.00 -0.31
Infosys 769.10 -0.30

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results