Press Trust of India IT services firm Mindtree on Wednesday said Larsen and Toubro (L&T) has “acquired control” of the company with a 60.06 per cent stake and has been categorised as promoter.
The development is significant as the Mindtree founders had initially resisted the hostile takeover bid.
“We wish to inform that Larsen & Toubro Ltd has acquired equity shares to an extent of 60.06 per cent of the total shareholding of the company and has acquired control and is categorised as promoter pursuant to SEBI...Regulations, 2018,” Mindtree said in a BSE filing.
Construction major L&T held 9.87 crore equity shares in Mindtree as on July 2 following its recently-concluded open offer, according to the filing.
In a deal that had marked India’s first-ever hostile takeover bid in the IT space, L&T had bought 20.32 per cent shares in Mindtree from VG Siddhartha and his coffee enterprise for over ₹3,000 crore in March, and then shored up its holding with more shares from the open market and a subsequent open offer for an additional 31 per cent stake.