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.
File photo of L&T's logo. (Image: Reuters)
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.
|Power Grid Corp||211.15||2.92|
Recommended For You
- Mission Mangal vs Batla House Box Office: Akshay Kumar Maintains Lead on Day 3
- Jio Effect: Hathway 100Mbps Plan Priced at Rs 699, Play Box Android TV Box Available at Rs 899
- Did 'Sacred Games' 2 Have an Obvious, Glaring Error in its Season Finale Episode?
- Flipkart Begins Roll-out of Video Service: Here is Everything You Need to Know
- Yezdi Motorcycles to Make India Entry Soon; Instagram, Website Goes Live