Motilal Oswal
    NIFTY 50
Motilal Oswal
Information Technology

L&T’s stake in Mindtree crosses 25%

Updated : May 09, 2019 11:49 AM IST

Mindtree is the stock in focus as 1.5 percent equity has changed hands via a block deal. The buyer is Larsen and Toubro (L&T), which has been buying in open market for the last three days this entire week. Now, including the VG Siddhartha’s Café Coffee Day affiliate stake as well as what L&T has been buying in the open market, the company’s stake in Mindtree crosses the 25 percent mark. Once it crosses the 26 percent mark, the company will also get a board seat.

L&T had indicated that they want to make an open offer. The indicative timeline was May 14 to May 27. However, the company has not received a Sebi approval for the open offer.

Also, on Friday, Mindtree’s panel of independent directors will be giving its recommendations on the open offer.
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