L&T buys shares of Mindtree worth Rs 144 crore through open market

Construction major L&T on Tuesday bought shares worth about Rs 143.70 crore of Mindtree through open market transactions. 

According to the bulk deal data available with the NSE, the firm bought over 1.46 million shares, which is 0.89 per cent of Mindtree's share base, at an average price of Rs 979.93 a share. L&T on Monday purchased over 1.15 million shares worth around Rs 113 crore of Mindtree thorough the similar route. After these transactions, the current holding of L&T in Mindtree stands at 21.63 per cent.

Amid a takeover bid, L&T had concluded the purchase of 20 per cent stake of Coffee Day founder in the Bengaluru-headquartered IT services firm for about Rs 3,210 crore last week.

The company is currently in the process of buying an additional 15 per cent stake from the open market and Monday's bulk deal is part of this initiative. 

L&T is pursuing a controlling stake of 66 per cent in the mid-tier IT firm for around Rs 10,700 crore. However, the unsolicited takeover attempt is being opposed by Mindtree's founders, who are seeking more clarity on L&T's plan. 

Mindtree's panel of independent directors is in the process of evaluating L&T's open offer proposal and will give its recommendations by May 10. The open offer will begin on May 14 and close on May 27.