L&T hikes shareholding in Mindtree to 28.45 pc, picks up 24.9 lakh shares

Infrastructure major Larsen and Toubro (L&T) on Thursday acquired over 24.9 lakh shares of Mindtree from open market, taking its shareholding in the IT services firm to 28.45 per cent, according to a regulatory filing.

"Larsen and Toubro Ltd has acquired 24,99,619 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 24, 2019," a BSE filing by Mindtree said.

After the latest transaction, L&T's shareholding in Mindtree stands at 28.45 per cent. The latest stock purchase was made at Rs 980 apiece.

Earlier this month, L&T purchased around 20 per cent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from open market.

On Thursday, L&T had acquired 4.5 lakh shares of Mindtree from the open market.

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 .