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videos | IST

L&T’s stake in Mindtree crosses 25%

Once it crosses the 26 percent mark, L&T will also get a board seat in Mindtree.

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.