L&T raises stake in Mindtree to 23.92% ahead of open offer

Bengaluru: Larsen and Toubro (L&T) has bought a 3.96 per cent stake in MindtreeNSE 0.03 % from the open market to increase its holding in the company to 23.92 per cent ahead of the open offer that is scheduled to begin on May 14.

L&T has purchased for more than Rs 637 crore over 65 lakh shares of the Bengaluru-headquartered mid-tier IT firm at Rs 980 per share on May 8 to take the holding close to the 26 per cent, when the open offer is triggered. The engineering giant has engaged Axis Capital to buy 15 per cent shares of Mindtree from the market.

L&T said in March that it would make an open offer to buy additional 31 per cent stake in the IT services firm after signing a deal with Mindtree’s long-term investor and Cafe Coffee Day promoter V G Siddhartha to buy his 20.32 per cent stake in the company for Rs 3,269 crore.