Sebi nod for L&T’s Mindtree open offer

Engineering giant Larsen and Toubro (L&T) is believed to have received the approval from the Securities and Exchange Board of India (SEBI) to go ahead with the open offer to acquire shares in IT firm Mindtree.

The open offer is likely to start after June 10. L&T currently holds a 28.87% stake in the IT firm which it acquired partly from Cafe Coffee Day founder VG Siddhartha as well as from the open market.

The open offer was supposed to commence on May 14 but the engineering major reportedly missed a deadline to issue a letter of offer to Mindtree shareholders.

Shares of Mindtree ended Friday’s trading session down 0.23%, at `977.70 on the Bombay Stock Exchange.