L&T unveils Rs 5,030-crores open offer for Mindtree

New Delhi: After nearly a month's delay, infrastructure major Larsen & Toubro on Friday announced a Rs 5,030-crore open offer to acquire an additional 31 per cent stake in mid-tier IT company Mindtree at a price of Rs 980 per share

L&T has so far acquired 28.90 per cent stake in Mindtree and the open offer, if fully subscribed, will take its shareholding in the IT company to about 60 per cent.

In all, the infrastructure major is eyeing about 66 per cent stake in Mindtree for over Rs 10,700 crore - a mix of recent stake acquisition from Cafe Coffee Day owner, the ongoing open market transactions and the ensuing open offer.

The open offer is slated to commence on June 17 and close on June 28, according to the letter of offer by L&T.

In March, L&T had mounted a hostile takeover bid on Mindtree after entering into a deal to buy Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in the Bengaluru-based firm and also placed an order with brokers to pick up another 15 per cent of the company shares from the open market.

"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 capital ... to the shareholders of Mindtree Ltd," said the letter of offer communicated to the BSE.