L&T will buy out Mindtree’s largest shareholder VG Siddhartha and companies in which he is a promoter, following which an open offer will be sent to the public shareholders of Mindtree, according to the report published on Monday.

At 10:43 am; L&T was the largest gainer among the frontline benchmarks, the Nifty 50 and S&P BSE Sensex. The benchmark indices were up 1.2 per cent each. A combined 2.74 million equity shares changed hands on both the exchanges.

The issue was opened on March 6 and was scheduled to close on March 20. The base size of the issue was Rs 500 crore, with an option to retain over-subscription up to Rs 1,000 crore.

The engineering and construction company, however, did not provide the exact value of the contract; but as per its project classification, the value of the contracts were in "large" category which is in the range of Rs 2,500 to Rs 5,000 crore.

In an announcement to NSE on Friday, L&T said that during the Audit Committee meeting held on 27th February 2019, the "management presented all details of the company's construction contracts with CTS, including particulars of development relating to the recent settlement between CTS and SEC and the ongoing proceedings before Department of Justice, USA (DOJ) In this connection,

The base size of the issue, which is opening on March 6 and closing on 20, is ₹500 crore, with an option to retain over-subscription up to ₹1,000 crore, company said Thursday.

The engineering and construction company, however, did not provide the exact value of the contract; but specified that as per its classification, the mega project is in the range of over ₹7,000 crore.