L&T makes ₹5,029-crore open offer for 51 mn Mindtree shares at ₹980 each

New Delhi: Infrastructure major Larsen and Toubro on Friday announced an open offer for 51.3 million shares or 31% stake of mid-tier IT company Mindtree at ₹980 per share, according to a regulatory filing. L&T will have to shell out ₹5,029.8 crore for the planned open offer for the Bengaluru-based company.

Mindtree’s equity base comprises 164.21 million shares with Mindtree holding 28.9% of them as of 6 June, according to exchange filings.

“Larsen and Toubro makes a cash offer of ₹980 per fully paid up equity share of the face value of ₹10 each, to acquire up to 5,13,25,371 equity shares representing 31 per cent of the voting share capital…to the shareholders of Mindtree Ltd,” said the letter of offer communicated to the BSE by Mindtree.