L & T buys 13,440 Mindtree shares and extends its stake to 26.48%


The infrastructure companies Larsen and Toubro (L & T) acquired Friday 13,440 shares of Mindtree on the open market, according to a regulatory document.

Earlier this month, L & T had bought about 20% of V G Siddhartha and Cafe Coffee Day shares in Mindtree as part of a global deal for about 3,210 crore rupees. Since then, he has bought shares in the open market.

"On May 16, 2019, Larsen and Toubro Ltd acquired 13,440 shares of Mindtree Ltd (a par value of 10 rupees) – from Mindtree Ltd," said a statement from Mindtree.

After the last transaction, L & T's stake in Mindtree is 26.48%. The last stock purchase was made at Rs 979.98 each.

On Thursday, L & T had acquired 8.86 lakh of Mindtree shares in the free market. In total, the large infrastructure company plans to hold 66% of the capital of Mindtree for an amount of about 10 800 crores of rupees. This is the country's first public procurement offer in the field of information technology.
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L & T had offered to acquire an additional stake in Mindtree through an open bid that was scheduled to start on the 14th and end on May 27th.

However, the open offer seems to have been postponed, the engineering major having not yet received approval from the Securities and Exchange Board of India. Reports suggest that the offer could be delayed by fifteen days.

Mindtree shares closed at Rs. 981.80 on Friday, 0.16 per cent higher than the previous closing.

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