L&T pays Mindtree shareholders who tendered shares in open offer

Construction major Larsen & Toubro, which holds over 60 per cent stake in Mindtree, said Tuesday it has made payments to shareholders who tendered their shares successfully in the recently-concluded open offer.

"...we wish to inform you that Larsen & Toubro has today made payment of consideration to the shareholders of the target company (Mindtree) who have tendered their shares in the open offer, in respect of the equity shares which have been accepted in the open offer and returned the equity shares which have not been accepted in the open offer to the demat accounts of the respective shareholders," L&T said in a regulatory filing.

The infrastructure major's open offer - at Rs 980 a share - began on June 17 and concluded on June 28.

"Consequent to the completion of the open offer, the shareholding of the company (L&T) in the target company, including the shares acquired under the Share Purchase Agreement and the Purchase Order, stands at 60.06 per cent of the total paid-up equity share capital of the target company," the filing added.

In a deal that had marked India's first-ever hostile takeover bid in the IT space, L&T had bought 20.32 per cent shares in Mindtree from V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March, and then shored up its holding with more shares from the open market, and a subsequent open offer for additional 31 per cent stake.