L&T has submitted to the BSE a draft letter for open offer of acquisition of up to 5,13,25,371 equity shares, representing 31 per cent of the total equity to Mindtree shareholders.
According to the filings, L&T will offer ₹980 per share to the shareholders. The L&T will reserve the right to revise the offer price and if necessary upwards at any time prior to the commencement of the last working day before the start of the tendering period. L&T expects to spend ₹5,030 crore to acquire 31 per cent more stake in Mindtree.
The filings also said if there is a competing offer, the public offers under all subsisting bids will open and close on the same date. There has been no competing offer as of the date of this Draft Letter of Offer, the statement said.
The last date for competing offer has been fixed at April 16. The last date for dispatch of the letter of offer to Mindtree shareholders will be May 7 and the last date by which a committee of independent directors of Mindtree is required to give its recommendation to its shareholders of for this offer is May 10. The last date for upward revision of the offer price and/or the offer size is May 13. The date of commencement of the tendering period will be May 14 and the date of closure will be May 27.