L&T buys 20.4% stake in Mindtree from V G Siddhartha

Larsen and Toubro has bought the 20.4% stake in mid-tier IT services firm Mindtree from V G Siddhartha giving the Cafe Coffee day founder an exit in the mid-tier IT services firm that he backed two decades ago, people familiar with the development said.ET was the first to report that a deal was imminent on Monday. The deal comes ahead of the Mindtree board meeting on Wednesday, when it is expected to announce a share buy back.L&T is also expected to launch an open offer for an additional 31% stake in Mindtree, even as its founders on Saturday had warned against a hostile takeover bid in a letter to the L&T board.

from Economic Times https://ift.tt/2HFZWTA