Latest insider trading data on Mindtree says that as of Wednesday (8th May) engineering conglomerate L&T raised its stake in Mindtree to 23.9% with additional acquisition of 3.96% in shares. Larsen & Toubro has now reportedly raised its stake further to 26% as of Thursday, bringing it past the 25% mark that ensures the company gets a board seat and the power to propose or block special resolutions. L&T is looking at a total of 66% stake, which would make it the largest shareholder of the company and give it control of the board.
The L&T acquisition of a 20.32% stake in Mindtree from Café Coffee Day (CCD) founder V.G. Siddhartha set off an angry set of statements from Mindtree founders, who objected to what they termed as a hostile takeover. L&T has since then, continued in its efforts, with an offer to buy 31% of Mindtree shares from public shareholders this week. Rekha N Shah, Nemish Shah's wife, holds 1.67% in Mindtree. An L&T mutual fund holds 1.08%.