Larsen and Toubro Ltd (L&T) acquired  26% holding in IT services firm Mindtree Ltd by managing to buy a little over 1% shares early in the morning from the open market at prices of up to ?980 per share.
L&T, with the last purchase, has managed to buy 6% in Mindtree from the open market and a 20% stake jointly held in Mindtree by Café Coffee Day founder V.G. Siddhartha and two CCD affiliate firms.
A group of investors, including mutual funds, alternate investment funds or AIFs, insurance firms and high net-worth individuals sold their shares to L&T in ordinary trades.
L&T has bought an additional 6% from the open market to cross the crucial threshold of 26% holding. A stake of over 25% in a company gives the shareholder the power to block special resolutions taken by the company’s board.
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