On Thursday, Infrastructure major Larsen and Toubro (L&T) took over 4.5 lakh shares of Mindtree from the open market, diving its shareholding in the IT services firm to 26.93 percent, as reflected by regulatory filing.
A MindTree filing said, “Larsen and Toubro Ltd has acquired 4,50,687 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 23, 2019.”
The latest stock purchase was made at ? 979.91 apiece. Earlier this month, L&T purchased around 20 percent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs 3,210 crore and has since topped that up with share purchases from the open market.
Earlier Thursday, L&T had acquired 1.29 lakh shares of Mindtree from the open market. In all, the infrastructure major is eyeing up to 66 percent stake in Mindtree for around Rs 10,800 crore – marking the country’s first-ever hostile takeover bid in the information technology industry.
Read EquityPandit’s Technical Analysis of Nifty IT