L&T picks up Mindtree shares worth Rs 70 crore between May 27-30

Infrastructure major Larsen and Toubro (L&T) picked up 7.11 lakh shares of IT firm Mindtree between May 27-30 for about Rs 70 crore, according to regulatory data.

The development assumes significance as L&T has been steadily increasing its holding in the Bengaluru-based tech firm where it acquired around 20 per cent stake of V G Siddhartha and Cafe Coffee Day last month.

L&T, which has been pursuing a hostile takeover of Mindtree, has expressed its intent to ramp up its shareholding up to 66 per cent.

According to BSE data, L&T acquired shares from the open market throughout the week (May 27-30) with the highest quantum of shares being purchased on May 28 when it picked up over 3.5 lakh shares of Mindtree at Rs 979.98 apiece.