L&T seeks 31 per cent stake in Mindtree for ₹5,029 crore

L&T has come up with an open offer to acquire 31 per cent in IT services firm Mindtree for ₹5,029 crore.

The price of the open offer is expected to be the same as before — ₹980 per share — which was announced when L&T became the majority shareholder in the Bengaluru-based mid-sized company by acquiring VG Siddhartha’s 20.32 per cent stake for ₹3,300 crore. The tendering period starts from June 17 and will end on July 12, L&T said in a filing with the exchanges.

By making this open offer, L&T intends to own around 66 per cent in Mindtree. This development comes a month after L&T was scheduled to have made its offer to Mindtree shareholders. So far, L&T has mopped up close to 29 per cent in Mindtree, and with the 31 per cent bid, it will take its total shareholding to 60 per cent.