L&T acquires another 2% stake in Mindtree, holding reaches 25.9%

Infrastructure major Larsen and Toubro (L&T) has acquired another 2 per cent stake in Mindtree by purchasing shares from the open market, taking its overall holding in the mid-sized IT company to 25.93 per cent, according to a regulatory filing.

Earlier this month, Larsen and Toubro had purchased around 20 per cent stake of V G Siddhartha and 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.

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 IT industry.

"This is to inform you that, Larsen and Toubro Ltd has acquired 33,05,775 equity shares (with face value of Rs 10 each) of Mindtree Ltd, since its last disclosure...made on May 8, 2019," L&T said in a filing.

The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.93 per cent, compared to 23.92 per cent prior to the transaction, another filing said.

The shares were purchased at Rs 980 apiece. Shares of Mindtree ended at Rs 978.60 a share on BSE on Thursday, 0.19 per cent lower than the previous closing.

L&T has proposed to make an open offer to buy additional 31 per cent stake - L&T's open offer is scheduled to start on May 14 and close on May 27.

Mindtree had formed a panel of independent directors to look into "unsolicited open offer" by L&T, to give its recommendations, and that committee is expected to give its views on May 10.