L&T says Mindtree open offer completed, shareholders payments made

New Delhi: Construction major Larsen & Toubro Limited has said that consequent to the completion of the Open Offer, the shareholding of the company in IT services company Mindtree Limited, including the shares acquired under the Share Purchase Agreement and the Purchase Order, stands at 60.06 percent of the total paid-up equity share capital of Mindtree.

The infrastructure major's open offer - for Rs 980 a share - opened on June 17 and closed on June 28, 2019.

“Further to our letter dated March 18, 2019 informing about acquisition of shares of Mindtree Limited (Target Company), we wish to inform you that Larsen & Toubro Limited ("the Company") has today (i.e. on 2nd July, 2019) made payment of consideration to the shareholders of the Target Company who have tendered their shares in the Open Offer, in respect of the equity shares which have been accepted in the Open offer and returned the equity shares which have not been accepted in the Open offer to the demat accounts of the respective shareholders,” L&T said in a regulatory filing.

On June 26, L&T acquired a controlling stake in Mindtree, making it first hostile takeover in India's software services industry.