L&T picks up Mindtree shares worth Rs 316cr between May 20-24

Infrastructure major Larsen and Toubro (L&T) has raised its stake in IT firm Mindtree by about 2 per cent between May 20-24 by picking up shares worth over Rs 316 crore, according to regulatory data.

The development assumes significance as L&T has already acquired around 20 per cent stake in the mid-sized IT firm from V G Siddhartha and Cafe Coffee Day and is keen to increase its shareholding up to 66 per cent.

According to BSE data, L&T acquired shares from the open market throughout the week with the highest quantum of shares being purchased on May 24 when it picked up nearly 25 lakh shares of Mindtree at Rs 980 apiece.

A back-of-the-envelope calculation shows that the company spent over Rs 316 crore during the week for these transactions which took its overall shareholding to 28.45 per cent from 26.48 per cent at the start of the week.

In multiple tranches, L&T mopped up about 32.25 lakh shares during the said week. Shares of Mindtree ended flat at Rs 980 apiece on .