Infrastructure major Larsen & Toubro’s (L&T) open offer to buy shares from individual shareholders of IT firm Mindtree will commence on June 17.
In a stock exchange filing on Friday, the company said the open offer was at ₹980 per share.
The shares of the Bengaluru-based mid-sized IT firm closed at ₹969 apiece on the BSE on Friday.
L&T had offered to buy up to 5.13 crore shares, or 31% stake in Mindtree.
L&T had proposed to buy additional stake in Mindtree through an open offer scheduled between May 14 and May 27. However, it was delayed by three weeks as the former was awaiting clearance from the SEBI.
L&T had been steadily increasing its shareholding in Mindtree after it bought 21.32% stake from coffee baron V.G. Siddhartha and Cafe Coffee Day (CCD) in mid-March. Since then, the infrastructure firm had been actively picking up multiple batches of Mindtree shares from the open market to increase its grip on the acquisition target. L&T is eyeing up to 66% stake in Mindtree for about ₹10,800 crore.