On Friday, Larsen and Toubro Ltd. announced an open offer for 5.13 crore shares or 31 percent stake of mid-tier information technology company Mindtree Ltd. at Rs 980 per share, according to a regulatory filing.
The infrastructure major will have to shell out Rs 5,029.8 crore for the planned open offer for the Bengaluru-based company.
“Larsen and Toubro makes a cash offer of Rs 980 per fully paid up equity share of the face value of Rs 10 each, to acquire up to 5,13,25,371 equity shares representing 31 percent of the voting share capital…to the shareholders of Mindtree,” said the letter of offer communicated to the Bombay Stock Exchange by Mindtree.
The open offer price is higher than Mindtree’s closing price of Rs 970.45 at BSE on Friday. The tendering for the open offer will commence on June 17 and close on June 28.
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