L&T submits draft letter to BSE for open offer to buy Mindtree shares

L&T has submitted to the BSE a draft letter for open offer of acquisition of up to 5,13,25,371 equity shares, representing 31 per cent of the total equity to Mindtree shareholders.

According to the filings, L&T will offer Rs. 980 per share to the shareholders. The L&T will reserve the right to revise the offer price and if necessary upwards at any time prior to the commencement of the last working day before the start of the tendering period. L&T expects to spend Rs. 5,030 crore to acquire 31 per cent more stake in Mindtree.

The filings also said if there is a competing offer, the public offers under all subsisting bids will open and close on the same date. There has been no competing offer as of the date of this Draft Letter of Offer, the statement said.