BENGALURU: Enam Investments has sold a 2.2% stake in Mindtree to L&T as the latter raised its holding to almost 25% in the Bengaluru-headquartered IT services company. Enam investors offloaded the entire stake in block deals at Rs 980 apiece just days ahead of Mindtree's independent directors making a recommendation on the L&T offer price.

In March, the infrastructure giant made an unsolicited offer to acquire 66% in the mid-tier IT services company for as much as Rs 10,700 crore, or $1.6 billion. Mindtree founders - who together own 13.3% in their firm - are resisting the takeover bid, and have said the L&T offer undervalued the company.

Enam co-founder Nemish Shah's wife Rekha Shah held a 1.7% stake in Mindtree, according to the March quarter filing on the Bombay Stock Exchange (BSE). In 2016, she had bought 36.5 lakh shares for about Rs 426 apiece.

Akash Bhanshali, who leads the principal investments unit for Enam, did not respond to text messages till the time of going to press.

TOI had earlier reported that L&T would call for a shareholder meeting to seek board seats and promoter status once it reaches 26% holding in the next few days.

A committee of Mindtree independent directors, led by Apurva Purohit, is expected to give its recommendation on the offer on May 10.