L&T becomes single-largest shareholder in Mindtree, acquires 26% stake

After close to two months of intense corporate battle, engineering and construction major L&T on Thursday crossed the critical stake holding mark of 26 per cent in Mindtree, making it the single-largest shareholder in the Bengaluru-headquartered IT services firm.

Post reaching this threshold, L&T will not only be able to induct its nominee on Mindtree board, it will also be able to block future resolutions relating to capital structure, dividend and acquisition passed by latter’s board. It will also have a say in appointment of whole-time directors on board apart from induction of managing director. Sources in the know said that the engineering major is likely to seek an extraordinary general meeting (EGM) in near future to for board representation.