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Mindtree erases gains to settle in the red

L&T has increased its stake to 51 per cent in IT services firm Mindtree.|
Updated: Jun 26, 2019, 03.53 PM IST
NEW DELHI: Shares of construction & engineering major Larsen & Toubro (L&T) climbed nearly 2 per cent while those of Mindtree edged lower over 1 per cent in Wednesday's session.

L&T has increased its stake to 51 per cent in IT services firm Mindtree.

The engineering conglomerate bought Arohi Asset Management’s 1.22 per cent stake, held in the company via Ontario Teachers’ Pension Plan, through its ongoing open offer.

ET on Tuesday reported that L&T’s stake in Mindtree had reached 48 per cent after Singapore-based public market fund Nalanda Capital offloaded its entire 10.6 per cent stake in the Bengaluru-based software services company.

L&T made a takeover bid for the company in March after it entered into a deal to buy Cafe Coffee Day owner VG Siddhartha’s 20.32 per cent in Mindtree.

Shares of L&T closed 1.03 per cent up at Rs 1550.85 while those of Mindtree stood 1.74 per cent lower at Rs 936.15 on BSE.
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