L&T’s takeover of Mindtree got off to a rocky start but it now looks like the engineering major has a clear path to acquiring control of the IT services company, with a key dissenting shareholder having tendered shares in the open offer. Sources with direct knowledge told CNBC-TV18 that Nalanda Capital has ended the fight and tendered its full holding of 10.6 percent in Mindtree in L&T’s open offer.

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As per exchange update, L&T has got 17.56 percent stake in Mindtree tendered till June 24 afternoon. L&T’s open offer for 31 percent stake in Mindtree at Rs 980/share ends on June 28. L&T had bought 20 percent stake from VG Siddhartha and about 10 percent from the market ahead of the open offer. So far L&T has crossed 45 percent holding in Mindtree.

Mindtree, Nalanda Capital and L&T did not offer a comment on CNBC-TV18’s query.

A clutch of domestic investors in Mindtree is said to have complained to the Securities and Exchange Board of India on Nalanda Capital’s conduct and accused the fund of acting in concert with the promoters of Mindtree.

First Published:Jun 24, 2019 3:01 PM IST