Mindtree slips after L&T buys 20% stake of the company, L&T down 1%

At 09:42 am, shares of Mindtree were trading nearly a per cent down at Rs 953.95 apiece on BSE while those of L&T were trading over a per cent lower at Rs 1,360.20 apiece.

Shares of IT firm Mindtree were trading flat in the opening deals on Tuesday afer the engineering and construction major Larsen & Toubro (L&T) last night announced purchase of a 20.32 per cent stake in the company for Rs 3,269 crore. 

L&T, which is acquiring the shares from CCD (Cafe Coffee Day) founder VG Siddhartha and companies related to him, said it had also placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree’s shares at Rs 980 apiece.

It is also looking to buy an additional 31 per cent from Mindtree’s public shareholders