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L&T announces Rs 5,029.8 cr open offer for Mindtree

New Delhi, Jun 7 () Infrastructure main Larsen and Toubro on Friday announced an open offer for five.13 crore stocks or 31 per cent stake of mid-tier IT company Mindtree at Rs 980 per proportion, in line with a regulatory submitting.

L&T will have to shell out Rs five,029.8 crore for the deliberate open offer for the Bengaluru-based company.

"Larsen and Toubro makes a cash offer of Rs 980 per fully paid up equity share of the face value of Rs 10 each, to acquire up to 5,13,25,371 equity shares representing 31 per cent of the voting share the shareholders of Mindtree Ltd," stated the letter of offer communicated to the BSE by way of Mindtree Ltd.

The open offer price is higher than Mindtree's remaining price of Rs 970.45 at BSE on Friday.

The tendering for open offer will start on June 17 and close on June 28.

In March, L&T had fastened a antagonistic takeover bid on Mindtree when it entered into a deal to shop for Cafe Coffee Day proprietor V G Siddhartha's 20.32 per cent stake in Mindtree and in addition placed an order with agents to pick out up some other 15 per cent of the corporate stocks from the open marketplace.

Subsequent to these offers, L&T is needed to make an open offer to shop for additional stake. In all, the infrastructure main is eyeing as much as 66 per cent stake in Mindtree for around Rs 10,800 crore. As of June 6, its maintaining in Mindtree stood at 28.90 per cent. MBI MR

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