L&T Infotech said on Wednesday that it is set to acquire Bengaluru-based firm Lymbyc that specialises in artificial intelligence, machine learning and advanced analytics. This would be L&T Infotech’s (LTI) fifth acquisition since its listing in 2016. The transaction is expected to close within four to six weeks with the 100% acquisition to be done via cash. LTI said the enterprise value for 100% share capital of Lymbyc is Rs 38 crore on a cash-free, debt-free basis which will be paid as a combination of upfront and three-year earn-out payments.

Mindtree’s new promoter Larsen and Toubro (L&T) Tuesday assured shareholders that it will provide further impetus to the IT firm’s growth by providing board-level oversight and relevant client connects. Earlier this month, L&T became the new promoter of Mindtree after acquiring 60.06 per cent stake in the Bengaluru-based company.

New Delhi: Construction major Larsen & Toubro, which holds over 60 per cent stake in Mindtree, said on Tuesday it has made payments to shareholders who tendered their shares successfully in the recently-concluded open offer.

Indian conglomerate Larsen and Toubro (L&T) has acquired a controlling stake in IT services company Mindtree, CNBC TV18 channel reported, citing sources. The report comes within months of Mindtree rejecting a hostile takeover bid from L&T, saying the plan was of no value for the firm or its shareholders.

L&T’s hostile bid to acquire a controlling stake in Mindtree is the first in India’s software services industry and is rare in India’s corporate sector, where unsolicited suitors are usually deterred by founders with large shareholding.

Engineering and construction major Larsen and Toubro (L&T) has bagged a mega engineering, procurement and construction (EPC) order from SJVN Thermal Private Limited to set up a 2x660 MW ultra-supercritical power plant in Buxar district, Bihar.

The award bagged by L&T’s power division is over ₹7,000 crore as per the company’s classification of mega project.

In the mid of an open offer process, Mindtree board on Thursday approved the appointment of L&T’s nominees as directors, which included the engineering major’s Chief Executive Officer (CEO) and Managing Director S N Subrahmanyan and its Chief Financial Officer (CFO) Ramamurthi Shankar Raman, among others.

The independent directors’ committee (IDC) at Mindtree on Wednesday said Larsen and Toubro’s open offer price of Rs 980 seemed “fair and reasonable”, and recommended that shareholders take independent but informed decision on tendering their shares.

Independent Directors' panel of Mindtree has said that Larsen and Toubro's open offer price at Rs 980/share appears "fair and reasonable".

The committee cited the closing market price of Mindtree shares on the stock exchanges on June 10, being "lower than the offer price" and said that L&T's offer price of Rs 980 a share is in accordance with the regulations and "appears to be fair and reasonable".

New Delhi: Infrastructure company Larsen & Toubro (L&T) Monday said its construction arm has bagged 'large' orders across various business segments in the domestic as we ll as international market.

The company said the orders fall under 'large' category, which ranges between ₹2,500 crore and ₹5,000 crore as per its classification of contracts.

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.

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