Larsen & Turbo (L&T) bought shares of Mindtree worth about Rs 368 crore in open market transactions on Wednesday. According to bulk deal data from the NSE verified by PTI, L&T bought more than 37.53 lakh shares, or 2.28 percent stake, worth Rs 367.8 crore at an average price of Rs 979.96 per scrip.
The purchase comes ahead of the open offer scheduled for 14 May.
Despite disapproval from the promoters of Mindtree to L&T's proposed deal seeking a controlling stake in the Bengaluru based mid-sized IT firm, the infrastructure major has been buying shares from the open market for three consecutive days.
On Monday, it bought shares worth about Rs 113 crore and on Tuesday, L&T purchased 8.43 lakh shares worth Rs 82.6 crore.
Prior to that, L&T had purchased over 20 percent stake in the company held by V G Siddhartha and Coffee Day on 30 April through a block deal for about Rs 3,210 crore. Additionally, it has engaged Axis Capital to purchase 15 percent of MindTree from the market.
MindTree now awaits recommendations from a committee of independent directors on L&T's proposal for open offer. The committee's observations would be out on Friday.
Shares of MindTree Ltd opened at Rs 979.60 on Thursday morning.