L&T buys 13,440 shares of Mindtree, expands shareholding to 26.48%

Infrastructure major Larsen and Toubro (L&T) on Friday acquired 13,440 shares of Mindtree from the open market, as per a regulatory filing. Earlier this month, L&T had 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 the open market.

"Larsen and Toubro Ltd has acquired 13,440 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 16, 2019," a Mindtree filing said. After the latest transaction, L&T's shareholding in Mindtree stands at 26.48 per cent. The latest stock purchase was made at Rs 979.98 apiece.

On Thursday, L&T had acquired 8.86 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 seems to have been postponed as the engineering major is yet to get the 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 981.80 apiece on the BSE on Friday, 0.16 per cent higher than the previous closing.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)