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Mindtree stocks up 1% on L&T's reported takeover

IANS  |  Mumbai 

Defying a flat-to-negative trend in the IT stocks, shares rose over 1 per cent on Wednesday after reports emerged that (L&T) was preparing for a hostile takeover of the infotech (IT) company.

According to a media report, is set to sign a binding agreement to buy founder V.G. Siddhartha's stake in the company.

An announcement of this in the coming weeks is like to trigger a hostile takeover bid by the engineering major, which may make an open offer to increase its stake to 51 per cent in

It may eventually lead to the current management losing control of the company, reports said.

At 1.40 p.m., shares of traded at Rs 928.05, higher by Rs 11.55 or 1.26 per cent from its previous close.

Deepak Jasani, the of Retail Research at said Mindtree stocks rose on a day when the general trend in the IT stocks was subdued and attributed the increase in share prices to acquisition reports.

The BSE IT index traded at 14,965.77, lower by 4.11 points or 0.16 per cent from its previous close.

When contacted by IANS regarding the reports, a of said: "We do not wish to comment on market speculation."

--IANS

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

First Published: Wed, March 13 2019. 14:44 IST
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