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

Press Trust of India  |  New Delhi 

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

Earlier this month, had purchased around 20 per cent stake of V G Siddhartha and in 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 has acquired 13,440 equity shares (with a face value of Rs 10 each) of 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, had acquired 8.86 lakh shares of Mindtree from the open market. In all, the infrastructure 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 industry.

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 is yet to get nod from the 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 Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 17 2019. 17:56 IST