L&T picks up additional Rs 316-cr Mindtree shares, increases stake to 28%

Infrastructure major Larsen and Toubro (L&T) has raised its stake in IT firm Mindtree by about 2 per cent between May 20-24 by picking up shares worth over Rs 316 crore, according to regulatory data.

The development assumes significance as L&T has already acquired around 20 per cent stake in the mid-sized IT firm from V G Siddhartha and Cafe Coffee Day and is keen to increase its shareholding up to 66 per cent.

According to BSE data, L&T acquired shares from the open market throughout the week with the highest quantum of shares being purchased on May 24 when it picked up nearly 2.5 million shares of Mindtree at Rs 980 apiece.