Engineering and construction major Larsen & Toubro Ltd (L&T) has announced a Rs. 5029.89 crore open offer for acquiring 31% holding in Mindree, a mid-sized IT firm. The company has priced its offer at Rs. 980 per share. As per the offer letter filed with the exchange, the open offer will kick off from June 17 and end on June 28.
In March, the engineering company said it would raise its stake in Mindtree to 66.32% via an open offer for 31% stake and another open market purchase of 15%. This places the total financial consideration of the deal at Rs. 10,700 crore. As of June 6, L&T holds 28.90% stake in Mindtree.
On March 18, L&T entered into a definitive agreement for acquiring 20.32% stake from V.G. Siddhartha and his coffee business for more than Rs.3,000 crore. After the deal was made official, L&T started its open market purchase on April 30.
The open offer was initially scheduled for May 14 but due to the delay in approval by the market regulator, it got deferred.