L&T acquires 51.8% stakes of Mindtree
New Delhi, June 26 -- Larsen and Toubro Ltd acquires 51.8% of shares in Mindtree Ltd, it is the first hostile takeover in the IT sector. CNBC TV18 channel reported the acquisition today, the report comes within a few months of Mindtree rejecting a hostile takeover bid from L&T.
L&T invested strategically to take control over Mindtree , first, it bought 20.32% stake held by Cafe Coffee Day (CCD) founder V.G. Siddhartha and two of his firms in March. Subsequently, L&T bought 8.58% stake from other shareholders, and this resulted total ownership to 28.90% before the company's open offer started on 17 June, ending on 28 June.
Shareholders still can sell their shares to L&T for Rs.980 per share, 73.9% of public shareholders have sold their s...
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