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
»
1-min read

L&T Hikes Shareholding in Mindtree to 28.45%, Picks up 24.9 Lakh Shares

L&T 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 information technology industry.

PTI

Updated:May 24, 2019, 7:02 PM IST
facebookTwitterskypewhatsapp
L&T Hikes Shareholding in Mindtree to 28.45%, Picks up 24.9 Lakh Shares
File photo of L&T's logo. (Image: Reuters)
Loading...

New Delhi: Infrastructure major Larsen and Toubro (L&T) on Thursday acquired over 24.9 lakh shares of Mindtree from open market, taking its shareholding in the IT services firm to 28.45 per cent, according to a regulatory filing.

"Larsen and Toubro Ltd has acquired 24,99,619 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 24, 2019," a BSE filing by Mindtree said.

After the latest transaction, L&T's shareholding in Mindtree stands at 28.45 per cent. The latest stock purchase was made at Rs 980 apiece.

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

On Thursday, L&T had acquired 4.5 lakh shares of Mindtree from the open market.

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 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.

In a recent interview to PTI, L&T Group Chairman A M Naik had said the acquisition of Mindtree is the topmost agenda for the company at the moment.

"Right now, our mind is completely occupied on Mindtree and I hope, we will be able to eventually make this into a big company as well...We have got around 26 per cent stake in Mindtree and now, we will wait till we get 51 per cent. The open offer will be launched in about 10-12 days time," he had said.

Shares of Mindtree ended flat at Rs 980 apiece on the BSE on Friday.

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

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 550.75 -0.11
HDFC 2,100.00 -0.84
Reliance 1,278.00 -0.80
Yes Bank 79.45 3.79
HDFC Bank 2,227.70 -0.08
Company Price Change %Gain
SBI 290.95 0.38
Indiabulls Hsg 551.10 -0.04
Yes Bank 79.45 3.79
Maruti Suzuki 5,975.15 2.74
SpiceJet 143.50 3.02
Top Gainers
Company Price Change %Gain
UPL 549.05 4.14
Yes Bank 79.45 3.79
Power Grid Corp 211.15 2.92
Maruti Suzuki 5,975.05 2.73
IndusInd Bank 1,439.10 2.73
Company Price Change %Gain
Yes Bank 79.45 3.79
Power Grid Corp 211.25 2.85
Maruti Suzuki 5,975.15 2.74
IndusInd Bank 1,438.25 2.70
Axis Bank 675.55 1.86
Top Losers
Company Price Change %Gain
TCS 2,165.10 -1.78
Vedanta 144.40 -1.47
HCL Tech 1,062.75 -1.25
BPCL 351.20 -0.92
HDFC 2,100.00 -0.84
Company Price Change %Gain
TCS 2,163.50 -1.87
Vedanta 144.30 -1.54
HCL Tech 1,061.65 -1.37
HDFC 2,098.75 -0.91
Reliance 1,277.40 -0.85

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results