Infrastructure firm Larsen and Toubro (L&T) will commence its open offer from June 17, 2019 to buy shares from the minority shareholders of IT firm Mindtree. The open offer, at Rs 980 per equity share, will close on June 28, 2019. The open offer price is Rs 11.55 higher than today's closing price of Rs 970.54 on BSE.
L&T has offered to buy up to 5.13 crore equity shares in accordance with Sebi regulations.
L&T had proposed to buy additional stake in Mindtree through an open offer that was slated to begin on May 14 and close on May 27. However, the open offer was postponed as the engineering major was awaiting nod from the Securities and Exchange Board of India.
L&T has picked up 7.11 lakh shares of IT firm Mindtree between May 27-30 for about Rs 70 crore, according to regulatory data.
The development assumes significance as L&T has been steadily increasing its holding in the Bengaluru-based tech firm where it acquired around 20 per cent stake of VG Siddhartha and Cafe Coffee Day last month.
According to BSE data, L&T acquired shares from the open market throughout the week (May 27-30) with the highest quantum of shares being purchased on May 28 when it picked up over 3.5 lakh shares of Mindtree at Rs 979.98 apiece.
In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the country's first-ever hostile takeover bid in the information technology industry.