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L & T buys Mindtree shares with a value of ₹ 368 crore

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.

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