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Over 1 cr pledged shares of Mindtree released on May 30: Regulatory filing

Coffee Day Enterprises had pledged the shares of Mindtree

Press Trust of India  |  New Delhi 

Mindtree campus

IT firm on Tuesday informed stock exchanges that around 1.10 crore pledged shares of the company were released on March 30, following instructions from various holders.

The shares were pledged by Coffee Day Enterprises.

is in the midst of a takeover battle, with (L&T) seeking to take control of the mid-sized IT firm. However, Mindtree's promoters are opposed to the proposed deal.

"(A total of) 1,10,19,467 equity shares (6.71 per cent stake) were pledged in favour of . have been released pursuant to the instruction of various holders of various NCDs issued," said in a filing to the exchanges.

IDBI Trusteeship Services Ltd is the trustee for various Non-Convertible Debentures (NCDs) issued by Coffee Day Enterprises Ltd.

Coffee Day Enterprises had pledged the shares of Mindtree.

The pledged shares were released on March 30, 2019, as per the filing.

Last week, purchased around 20 per cent stake of and Coffee Day entities in Mindtree through block deals for about Rs 3,210 crore.

Apart from owner Siddhartha's stake, has also placed an order with brokers to pick up another 15 per cent of Mindtree's shares from the open market.

Subsequent to these deals, would make an open offer to buy additional 31 per cent stake through an open offer that is scheduled to open May 14.

Shares of Mindtree closed flat at Rs 979.30 on the BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, May 07 2019. 21:05 IST