NEW DELHI: Infrastructure major Larsen & Toubro on Wednesday purchased Mindtree shares ₹368 crore through open market transactions.
According to the bulk share data available at the NSE, L&T purchased 37.53 lakh shares or 2.28% interest in value ₹367.8 crore, with the average price ₹979.96 per script.
In the meantime, a Rekha N Shah sold 26.84 lakh shares of Mindtree in a separate transaction ₹263 crore.
Mindtree is in the middle of a takeover battle, where Larsen & Toubro (L & T) want to take control of the medium-sized IT company. However, Mindtree's promoters are against the proposed deal.
L & T has purchased Mindtree shares from the open market for three consecutive days.
It had bought stocks on Monday that were worth it ₹113 crore.
On Tuesday, L & T purchased 8.43 lakh shares from ₹979.9 per scrip, translated into a deal size of ₹82.6 crore.
Last week, L & T had purchased approximately 20% of the shares of VG Siddhartha and Coffee Day in Mindtree through a block deal for approximately ₹3,210 crore.
L & T had signed a deal to buy Cafe Coffee Day owner Siddhartha's 20.32% stake in Mindtree and also placed an order with brokers to collect another 15% of the company's shares from the open market for approximately ₹2500 crore.
After these deals, L & T would make an open bid to purchase an additional 31% stake.
Mindtree shares ended up 0.21% higher ₹982 on NSE.