MUMBAI: Larsen and Toubro Ltd (L&T) on Thursday purchased 880,000 shares of Mindtree Ltd, raising its stake in the IT services firm from 25.94% to 26.48%. With its stake crossing 26%, L&T is in a position to demand a board representation in Mindtree. The open offer was originally proposed to open on 14 May and close on 27 May. 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 16, 2019 15:40 UTC