Infrastructure major Larsen and Toubro (L&T) has acquired 1,168 shares of Mindtree from the open market, taking its overall holding in the mid-sized IT company to 25.94 per cent, according to a regulatory filing.

The engineering behemoth missed its May 7 deadline to issue its letter of offer to Mindtree shareholders, reportedly due to late queries posed by the markets regulator to which it could only respond on May 10. The open offer is still awaiting SEBI's green light.

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L&T bought over 11.52 lakh shares, or 0.75 per cent, worth Rs 112.91 crore with the average price being Rs 979.94 per scrip, as per bulk deal data available with the National Stock Exchange

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On Tuesday, L&T acquired around 3.27 crore Mindtree shares, or almost 20 per cent of the stake, at Rs 980 per share (for a total of Rs 3,211 crore) from Siddhartha and Coffee Day Enterprises through block deals

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Prabhudas Lilladher in its report stated that although Mindtree posted strong revenue growth, the management has guided a low teens revenue guidance for the fiscal year 2020

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The company has declared an interim dividend of Rs 3 per share that will be paid before May 10 and also pay Rs 4 a share in final dividend, besides Rs 20 in special dividend

In dollar terms, Mindtree's revenue jumped 15.80 per cent YoY to USD 262 million, while net profit increased merely by 0.3 per cent to USD 28.2 million

The Bengaluru-based company's revenue also increased by 25.6% to Rs 1,839.4 crore in the said quarter, as compared to Rs 1,464 crore in the year-ago period

Share Market updates: While Sensex closed 161 points lower at 38,700, Nifty fell 61 points to 11,604.

CCI has approved acquisition of up to 66.15 per cent of the total equity shareholding of Mindtree Limited, on a fully diluted basis, by Larsen and Toubro Limited