L&T reaches open offer trigger point, raises stake in Mindtree to 25.93%

Mindtree's panel of independent directors is in the process of evaluating the open offer proposal, and will give its recommendations by May 10

L&T reached the open offer trigger point by increasing its total holding in Mindtree to 25.93 per cent on Thursday. It is on the verge of reaching the critical 26 per cent-level, which will ensure it a board seat in the firm.

According to bulk deal data available with the NSE, L&T on Thursday bought over 3.30 million shares (2.01 per cent of Mindtree’s total share base), at an average price of Rs 980. The data didn’t provide any details about the seller. According to Securities and Exchange Board of India (Sebi) norms, when the acquirer holds 25 per cent stake