Larsen and Toubro shares open at 1,581 on Friday. The stocks fell by 0.74 percent ahead of the union budget. The stock closed at 1,560.05.
Larsen and Toubro recently acquired a majority 60% stake in Mindtree after its open offer to buy 31% shares got oversubscribed. The company had bought 20.32% shares in Mindtree from V G Siddhartha and his Coffee Day Enterprises for over Rs 3,000 crore in March and subsequently made an open offer to buy an additional 31% stake.
The development came within months of Mindtree rejecting a hostile takeover bid from L&T, saying that it will not be in the interest of the company or its shareholders.
The BSE group ‘A’ stock of face value Rs 2 has touched a 52-week high of Rs 1,606.70 on 28 May 2019 and a 52-week low of Rs 1,183.40 on 23 October 2018.
L&T shares have jumped nearly 27% in the last one year compared with a 12% rise in the benchmark Nifty 50 index.
The Institutions and Non-Institutions hold 57.83% and 42.17% stake, respectively, in the company.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.
Comments
0 comment