On Wednesday, Larsen and Toubro Ltd acquired 51.8 per cent shares after India’s largest engineering and construction company wrung control of the board of the Bengaluru-based information technology services (IT) company. Therefore,  successfully completing the first unreceptive takeover in the IT sector.
Earlier, L&T acquired 20.32 per cent stake in Mindtree which is held by the founder of Cafe Coffee Day (CCD), V G Siddhartha and of his other two firms in March.
However, over the next two months, the Mumbai headquartered engineering firm bought 8.58 per cent stake from other shareholders which brought the total ownership to 28.90 per cent. Though, the open offer ends on 28 June.
Making the initial unreceptive acquirement for the Indian IT industry, L&T also has the option to buy another 15 per cent shares as it plans to spend ?10,800 crore to acquire 66% in Mindtree.
Read EquityPandit’s Nifty IT Outlook for the Week