Engineering major Larsen & Toubro (L&T) on Friday announced an open offer to purchase 51.3 million shares or an additional 31 per cent stake in Mindtree at Rs 980 apiece. At the current offer price, L&T has to shell out around Rs 5,029.8 crore to buy the stake.
In an exchange filing, the company said the open offer will start on June 17 and will end on June 28.
Infrastructure major Larsen and Toubro on Friday announced an open offer for 51.3 million shares or 31 per cent stake of mid-tier IT company Mindtree at Rs 980 per share, according to a regulatory filing.
L&T will have to shell out Rs 5,029.8 crore for the planned open offer for the Bengaluru-based company.
Engineering giant Larsen and Toubro (L&T) is believed to have received the approval from the Securities and Exchange Board of India (SEBI) to go ahead with the open offer to acquire shares in IT firm Mindtree.
The open offer is likely to start after June 10. L&T currently holds a 28.87% stake in the IT firm which it acquired partly from Cafe Coffee Day founder VG Siddhartha as well as from the open market.
L&T Infrastructure Project Development Company (IDPL), a subsidiary of Larsen & Toubro, plans to soon add two of its road assets to the portfolio of its infrastructure investment fund (InvIT), Indinfravit Trust, a senior official with knowledge of the matter said.
“We plan to keep generating deal flow for the InvIT, as we see no shortage of money coming from international players. The plan is to make two operational highway projects a part of the Indinfravit soon.
Engineering major Larsen & Toubro (L&T) is behind schedule in the launch of its open offer for the shareholders of information technology company Mindtree.
It has already exceeded the timeline fixed under Securities and Exchange Board of India (Sebi) regulations in this regard. That rule says a company should launch an open offer within 55 days from the date of a public announcement.
Larsen & Toubro’s standalone market capitalisation will touch Rs 3 lakh crore and its revenue will reach Rs 2 lakh crore in five years as strategic initiatives like L&T NxT have helped in making giant strides, group chairman A M Naik said. The recently launched L&T-NxT initiative is a technology platform that focuses on artificial intelligence, internet of things (IoT), virtual reality, augmented reality, geospatial solutions as well as cybersecurity.
Engineering and construction major Larsen & Toubro (L&T) reported on Friday its net profit rose 8 per cent to Rs 3,418 crore in the March quarter (Q4) of FY2018-19 year-on-year, according to a filing with the Bombay Stock Exchange (BSE).
The Board of Directors has recommended for the approval of shareholders, a dividend of Rs 18 per equity share.
L&T is fast inching towards touching the 26 per cent shareholding threshold in Mindtree, as the engineering firm on Wednesday bought an additional 2.29 per cent stake worth Rs 368.4 crore through open market transaction. With this round of buying, total holding of L&T reached 23.92 per cent in the Bengaluru-headquartered IT services company.
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