According to regulatory data, Larsen and Toubro (L&T) have raised its stake in IT firm Mindtree by about 2 percent between May 20-24 by picking up shares worth over Rs 316 crore.
The growth assumes importance as L&T has already acquired around 20 percent stake in the mid-sized IT firm from V G Siddhartha and Cafe Coffee Day and is keen to increase its shareholding up to 66 percent.
As per BSE data, L&T acquired shares from the open market throughout the week with the highest quantum of shares being purchased on May 24 when it picked up nearly 2.5 million shares of Mindtree at Rs 980 apiece.
L&T’s open offer – which was earlier slated to begin on May 14 – has been postponed as the engineering major is awaiting a nod from the Securities and Exchange Board of India.
Read EquityPandit’s Technical Analysis of Nifty IT