HomeInformation Technology NewsL&T's open offer for Mindtree to begin from June 17

L&T's open offer for Mindtree to begin from June 17

Infrastructure major Larsen and Toubro's (L&T) open offer to purchase shares from the minority shareholders of IT firm Mindtree will kick-start from June 17, 2019.

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By CNBC-TV18 June 7, 2019, 4:16:05 PM IST (Updated)

L&T's open offer for Mindtree to begin from June 17
Infrastructure major Larsen and Toubro's

(L&T) open offer to purchase shares from the minority shareholders of IT firm Mindtree
will kick-start from June 17, 2019.

The open offer, at Rs 980 per equity share of the face value of Rs 10 each, will close on June 28, 2019.

L&T has offered to acquire up to 5.13 crore equity shares or 31 percent stake, as per the open offer process in accordance with Sebi regulations,

The open offer is in connection with the L&T mounting a hostile takeover bid on Mindtree when it entered into a deal to buy Cafe Coffee Day owner VG Siddhartha's 20.32 percent stake in Mindtree and also placed an order with brokers to pick up another 15 percent of the company shares from the open market.

L&T's open offer - which was earlier slated to begin on May 14 - has been delayed as the engineering major is awaiting nod from the Securities and Exchange Board of India (Sebi).

As of June 6, L&T's holding in Mindtree stood at 28.90 per cent.  Shares of Mindtree ended at Rs 970.45, up Rs 5.25, or 0.54 percent on the BSE.
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