MUMBAI: Larsen and Toubro Ltd (L&T) on Friday purchased 13,440 shares of IT services firm Mindtree Ltd. at ₹979.98 apiece in its run-up to the proposed takeover of the latter. With Friday’s purchase L&T holds 43.49 million shares or a 26.48% stake in Mindtree, according to an exchange filing. Siddhartha and two of CCD’s associate firms, intended to buy an additional 15% from the open market and 31% more through an open offer at a price of ₹980 per share. Therefore, the open offer may actually be launched either at the end of this month or early June. However, irrespective of the open offer L&T will continue to purchase Mindtree shares from the public during trading hours until it finishes buying the planned 15% from the open market.

Source: Mint May 17, 2019 12:56 UTC