L&T buys shares of Mindtree worth Rs 113 cr via open market

Infrastructure major Larsen & Toubro Monday bought shares worth about Rs 113 crore of Mindtree through open market transactions. According to the bulk deal data available with the NSE, L&T bought over 11.52 lakh shares, or 0.75 per cent, worth Rs 112.91 crore with the average price being Rs 979.94 per scrip. However, the seller could not be ascertained immediately.

Last week, L&T had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through block deal for about Rs 3,210 crore.

Post this transaction, the infrastructure major is in fray to buy up to 46 per cent more stake in Mindtree.
L&T had signed a deal to buy Cafe Coffee Day owner Siddhartha's 20.32 per cent stake in Mindtree and also placed an order with brokers to pick up another 15 per cent of the company shares from the open market for about Rs 2,500 crore.

Subsequent to these deals, L&T would make an open offer to buy additional 31 per cent stake through an open offer. 

Mindtree had formed a panel of independent directors to look into "unsolicited open offer" by infrastructure major L&T to give its recommendations.

Mindtree's promoters had called L&T bid as hostile and raised corporate governance issues at L&T and culture difference between the two companies.