Mindtree campus in Bengaluru, India (Photographer: Nishant Sharma/BloombergQuint)

L&T Now Holds 26.48% Shares In Mindtree

Larsen & Toubro Ltd. has acquired 8.86 lakh shares of Mindtree Ltd. from open market, taking its overall holding in mid-sized IT company to 26.48 percent, according to a regulatory filing.

“L&T has acquired 8,86,438 equity shares (with a face value of Rs 10 each) of Mindtree on May 16,” Mindtree said in a filing.

After the transaction, the infrastructure major’s shareholding in Mindtree increased to 26.48 percent. The latest stock purchase was made at Rs 979.81 apiece.

Earlier this month, L&T had purchased around 20 percent stake of VG 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 the open market.

On Tuesday, L&T acquired 1,168 shares of Mindtree from the open market that had taken its holding to 25.94 percent.

In all, the infrastructure major is eyeing up to 66 percent 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 seems to have been postponed as the engineering major is yet to get a nod from the Securities and Exchange Board of India. Reports suggest that the offer could be delayed by a fortnight.

Shares of Mindtree ended at Rs 980.25 apiece on the BSE on Thursday, 0.53 percent higher than the previous closing.

Also read: L&T Acquires 1,168 shares Of Mindtree