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L&T’s open offer for Mindtree to begin on June 17
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Engineering conglomerate Larsen & Toubro’s (L&T) open offer to pick up a stake of up to 31% from the public shareholders of Mindtree will start on June 17.
The offer, which comes after a delay of nearly a month, is being managed by Axis Capital and Citigroup Global Markets' India division, Mindtree said in a stock-exchange filing.
L&T has offered to buy Mindtree shares at a price of Rs 980 apiece. Assuming full acceptance, it will spend as much as Rs 5,029 crore to buy the shares.
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The open offer was scheduled to start in the first half of May but was delayed as capital markets regulator SEBI had asked for a few clarifications from L&T. On May 31, the Securities and Exchange Board of India approved the engineering major's open offer to buy Mindtree shares.
In April, L&T had completed the purchase of almost 20% stake in the Bengaluru-based IT services firm from its largest shareholder VG Siddhartha and two of his entities at Rs 980 apiece for more than Rs 3,200 crore.
The Mumbai-based company has also been steadily buying Mindtree shares from the open market; its total stake stood at 28.88% by the end of May.
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L&T had announced in March its intention to buy a 31% stake in Mindtree through an open offer after buying out a few large shareholders. L&T had then said that it was looking to pick up another 15% from the open market as part of its plan is to hike its overall stake in the firm to 66%.
The deal is one of the most high-profile hostile takeover bids in Indian corporate history. Mindtree's founders, who own a little more than 13% stake in the firm, had opposed L&T's bid.
The Competition Commission of India had approved L&T's proposal to take over Mindtree in April.
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