Axis Capital Limited and Citigroup Global Markets India Private Limited (together referred to as the "Managers to the Open Offer") for and on behalf of Larsen & Toubro Limited (the Acquirer) to the Shareholders of Mindtree Ltd (Target Company) has announced the open offer for acquisition of upto 5,13,25,371 (Five Crores Thirteen Lakh Twenty Five Thousand Three Hundred and Seventy One) fully paid up equity shares having a face value Rs. 10/- each ("Equity Share") of Mindtree Limited ("Target Company") representing 31% (Thirty One per cent) of the Voting Share Capital from the Shareholders of the Target Company by Larsen & Toubro Limited with an intention to acquire control of the Target Company pursuant to and in compliance with Regulations 3(1) and 4 read with Regulations 13(1) and 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended (the "SEBI SAST Regulations" and reference to a particular "Regulation" shall mean the particular regulation of the SEBI SAST Regulations) (the "Open Offer").
The Open Offer is made at a price of Rs. 980/- (Rupees Nine Hundred and Eighty only) per Equity Share (the "Offer Price"), that will be offered to the Shareholders who tender their Equity Shares in the Open Offer. The Offer Price is arrived at in accordance with Regulation 8(2). Assuming full acceptance of the Open Offer, the total consideration payable by the Acquirer in accordance with the SEBI SAST Regulations will be Rs. 5,030 Crores (Rupees Five Thousand and Thirty Crores only). The Offer Price is payable in cash.
This open offer is a mandatory open offer which was triggered by the execution of share purchase agreement to acquire 3,33,60,229 equity shares or 20.15% for a consideration of Rs. 3269 crores and market purchase of equity shares of the target company to purchase up to 2,48,34,858 (Two Crores Forty Eight Lakh Thirty Four Thousand Eight Hundred and Fifty Eight) Equity Shares, at per Equity Share price of not more than Rs. 980 (Rupees Nine Hundred and Eighty only) and for an overall consideration amount not exceeding Rs. 2,434 (Rupees Two Thousand Four Hundred and Thirty Four Crores only), on any recognised stock exchange in India in tranches / lots as instructed by the Acquirer from time to time, but only after the Acquirer has informed the stock broker of the receipt of the relevant approvals required from various regulatory authorities.
Shares of MINDTREE LTD. was last trading in BSE at Rs.962.5 as compared to the previous close of Rs. 946. The total number of shares traded during the day was 115740 in over 3256 trades.
The stock hit an intraday high of Rs. 968.55 and intraday low of 953.8. The net turnover during the day was Rs. 111235174.