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Over 1 crore pledged shares of Mindtree were released on March 30

Mindtree is in the midst of a takeover battle, with Larsen & Toubro (L&T) seeking to take control of the mid-sized IT firm

twitter-logo PTI        Last Updated: May 7, 2019  | 21:58 IST
Over 1 crore pledged shares of Mindtree were released on March 30

IT firm Mindtree on Tuesday informed stock exchanges that around 1.10 crore pledged shares of the company were released on March 30, following instructions from various debenture holders.

The shares were pledged by Coffee Day Enterprises.

Mindtree is in the midst of a takeover battle, with Larsen & Toubro (L&T) seeking to take control of the mid-sized IT firm. However, Mindtree's promoters are opposed to the proposed deal.

"(A total of) 1,10,19,467 equity shares (6.71 per cent stake) were pledged in favour of IDBI Trusteeship Services Ltd... have been released pursuant to the instruction of various debenture holders of various NCDs issued," Mindtree said in a filing to the exchanges.

IDBI Trusteeship Services Ltd is the debenture trustee for various Non-Convertible Debentures (NCDs) issued by Coffee Day Enterprises Ltd.

Coffee Day Enterprises had pledged the shares of Mindtree.

The pledged shares were released on March 30, 2019, as per the filing.

Last week, L&T purchased around 20 per cent stake of V G Siddhartha and Coffee Day entities in Mindtree through block deals for about Rs 3,210 crore.

Apart from Cafe Coffee Day owner Siddhartha's stake, L&T has also placed an order with brokers to pick up another 15 per cent of Mindtree's shares from the open market.

Subsequent to these deals, L&T would make an open offer to buy an additional 31 per cent stake through an open offer that is scheduled to open May 14.

Shares of Mindtree closed flat at Rs 979.30 on the BSE.

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