As on July 2, L&T held 9.87 crore equity shares in Mindtree following its recently-concluded open offer. (Photo: BloombergQuint)

Mindtree Categorises L&T As Promoter With 60.06% Stake

Mindtree Ltd. on Wednesday said Larsen and Toubro Ltd. has "acquired control" of the company with a 60.06 percent stake and has been categorised as promoter.

The development is significant as the IT firm’s founders had initially resisted the L&T-Mindtree takeover bid and also tried to rally support of large investors in the initial weeks of the three-step acqusition process.

As on July 2, L&T held 9.87 crore equity shares in Mindtree following its recently-concluded open offer, according to the filings by the Bengaluru-based IT firm.

L&T had on Tuesday said that it has made payments to shareholders who tendered their shares successfully in the Mindtree open offer, which closed on June 28.

In a deal that had marked India's first-ever hostile takeover bid in the IT sector, L&T had bought 20.32 percent stake in Mindtree from VG Siddhartha and his Coffee Day Enterprises Ltd. for over Rs 3,000 crore in March. It then shored up its holding by buying shares from the open market and the subsequent open offer.

On Wednesday, Mindtree shares fell 0.79 percent to 906.10 apiece on the BSE while L&T’s rose 0.93 percent to Rs 1,577.90. The benchmark Sensex ended the day 0.06 higher at 39,839.25 points.

Bloomberg Quint

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