L&T becomes promoter of Mindtree, holds 60.06% stake
PTI, Jul 4, 2019, 9:36 AM IST
New Delhi: IT firm Mindtree Wednesday said Larsen & Toubro has acquired control of the company and has been categorised as a promoter, capping months of hostile takeover efforts.
Mindtree founders had initially resisted the hostile takeover bid and had also tried to rally support of large investors.
Now, L&T has 60.06 per cent stake in Bengaluru-based Mindtree.
“We wish to inform that Larsen & Toubro Limited has acquired equity shares to an extent 60.06 per cent of the total shareholding of the company and has acquired control and is categorised as promoter pursuant to Sebi… Regulations, 2018,” Mindtree said in a regulatory filing.
L&T held 9.87 crore equity shares in Mindtree as on July 2 following its recently-concluded open offer.
Nalanda India Fund and Nalanda India Equity Fund have also sold majority of their holdings in Mindtree in L&T’s open offer. Both entities, which held 10.60 per cent stake in Mindtree, have offloaded about 8.90 per cent stake, according to a separate regulatory filing.
On Tuesday, L&T said it has made payments to shareholders who tendered their shares successfully in the open offer, which closed on June 28.
In a deal that had marked India’s first-ever hostile takeover bid in the IT space, L&T had bought 20.32 per cent shares in Mindtree from V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March. Later, it shored up the holding with more share purchases from the open market before making an open offer for an additional 31 per cent stake in Mindtree.
Shares of Mindtree fell nearly 1 per cent to close at Rs 906.10 on the BSE.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Japan partly ending pandemic emergency, keeps it for Tokyo
MHA’s new programme allows citizens to ‘report’ anti-national content
Arthur Road jail keeps special cell ready to lodge Nirav Modi
Related Articles More
Gold declines Rs 358; silver up Rs 151
Need coordinated action between centre, states on tax reduction in fuel prices: RBI Guv
Unavailability of online risk mgmt system led to mkt shutdown, waiting for report from telcos: NSE
Number of UHN Indians to rise 63 pc to 11,198 in 5 yrs says report
Govt has no business to be in business says PM Modi
PM asks banks to come out with innovative products for startups, fintech
Udupi: Insurance can’t be claimed if the driving license isn’t valid
We were resolute, strong about protecting our interests: Jaishankar on border issue
”Hope other countries follow your example”: WHO chief Ghebreyesus lauds India, PM Modi
Mangaluru: Indira canteens remain shut; staff report unpaid salary