Mindtree says L&T categorised as promoter with 60.06% stake; Nalanda sheds stake in open offer

Nalanda India Fund and Nalanda India Equity Fund have sold majority of their holding in Mindtree Ltd in the recent open offer launched by Larsen and Toubro (L&T), which is now a promoter of the Bengaluru-based IT firm with 60.06 per cent stake. IT firm Mindtree, in a regulatory filing on Wednesday, said L&T has “acquired control” of the company with a 60.06 per cent stake and has been categorised as promoter. The development is significant as the Mindtree founders had initially resisted the hostile takeover bid and had also tried to rally support of large investors in the initial weeks of the drama.

Also read: Meet BK Birla, the patriarch of Birla Group who joined business at 15

“We wish to inform that Larsen & Toubro Limited has acquired equity shares to an extent 60.06 per cent of the total shareholding of the company and has acquired control and is categorised as promoter pursuant to Sebi…Regulations, 2018,” Mindtree said in a regulatory filing.