Larsen and ToubroNSE -0.12 % (L&T) has bought more than 8.86 lakh equity shares in MindtreeNSE 0.83 %, taking its holding to 26.48 per cent in the Bengaluru-based mid-tier IT services company. The company on Thursday picked up 886,438 equity shares (with face value of Rs 10 each) from the open market at nearly Rs 980 apiece.
Last week, the engineering major had missed a deadline to issue its open offer letter to Mindtree shareholders after the markets regulator had raised queries to ..
In March, L&T said it would make an open offer to buy an additional 31 per cent stake in the IT services firm after the company signed a deal with Mindtree’s long-term investor and Cafe Coffee Day promoter VG Siddhartha to buy his 20.32 per cent stake in the company for approximately Rs 3,269 crore. The open offer to shareholders was to be effective May 14.
Mindtree’s board had in April appointed a panel of independent directors to review L&T’s open offer and its benefits for shareholders.
The committee of independent directors of Mindtree, led by board member Apurva Purohit, has engaged KhaitanNSE -1.17 % and Co as legal counsel and ICICI Securities as financial advisors to help take a decision.
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