L&T becomes Mindtree's promoter with 60.06% stake
L&T was holding 9,87,79,179 equity shares in Mindtree as of July 2, 2019.
NEW DELHI: Mindtree on Wednesday informed bourses that Larsen & Toubro (L&T), which acquired 60.06 per cent stake in the company, has been categorised as the promoter of the mid-tier IT firm.
L&T was holding 9,87,79,179 equity shares in Mindtree as of July 2, 2019.
The announcement came within months of Mindtree rejecting a hostile takeover bid from L&T.
Mindtree founders had resisted the hostile bid initially and had tried rallying support from its large investors like Singapore-based Nalanda Capital and others.
However, Nalanda and Arohi Asset Management sold their shares in the open offer.
The founders - Subroto Bagchi, N S Parthasarathy and Krishnakumar Natarajan - together were holding about 14 per cent stake as of March 31, 2019.
In March, L&T had acquired 20.32 per cent stake in Mindtree from VG Siddhartha and his coffee enterprise, marking India's first-ever hostile takeover bid in the IT space. It later picked up more shares of Mindtree from the open market to raise its holding to over 28 per cent.
L&T was holding 9,87,79,179 equity shares in Mindtree as of July 2, 2019.
The announcement came within months of Mindtree rejecting a hostile takeover bid from L&T.
Mindtree founders had resisted the hostile bid initially and had tried rallying support from its large investors like Singapore-based Nalanda Capital and others.
However, Nalanda and Arohi Asset Management sold their shares in the open offer.
The founders - Subroto Bagchi, N S Parthasarathy and Krishnakumar Natarajan - together were holding about 14 per cent stake as of March 31, 2019.
In March, L&T had acquired 20.32 per cent stake in Mindtree from VG Siddhartha and his coffee enterprise, marking India's first-ever hostile takeover bid in the IT space. It later picked up more shares of Mindtree from the open market to raise its holding to over 28 per cent.