L&T buys 25,000 more shares of Mindtree; raises stake to 28.9%

Mumbai: Infrastructure major Larsen and Toubro on Thursday acquired 25,000 equity shares of Mindtree Ltd, taking its total holding to 28.9%, as per a regulatory filing.

The shares were purchased at ?971.03 apiece from the open market, thus spending ?2.43 crore for the transaction.

L&T, which has been pursuing a hostile takeover of the IT company, has expressed its intent to ramp-up its shareholding up to 66%.

Last month, L&T has steadily increased its holding in the Bengaluru-based tech firm by acquiring around 20% stake of V G Siddhartha and Cafe Coffee Day.

Following the latest transaction, L&T’s holding increased to 28.9% or (4.74 crore shares) as against the previous 28.88% since 30th May.

Subsequent to these deals, L&T is required to make an open offer to buy additional stake. In all, the infrastructure major is eyeing up to 66% stake in Mindtree for around ?10,800 crore.

On Thursday, shares of Mindtree ended 0.7% lower at ?965.2 apiece on BSE.

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