L&T to buy 20.3 per cent stake in Mindtree; shares fall

Mumbai: IT services company Mindtree Ltd fell in early trade on Tuesday after conglomerate Larsen & Toubro Ltd (L&T) said it would buy a 20.32 per cent stake in Mindtree for 32.69 billion rupees ($477.1 million).

L&T will buy the stake from Indian coffee baron VG Siddhartha and companies related to him, Coffee Day Enterprises and Coffee Day Trading, L&T said late on Monday.

Mumbai-based L&T also placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree’s shares at 980 rupees each. It is also looking to buy an additional 31 per cent from Mindtree’s public shareholders at the same price.

L&T stock was trading 1.2 per cent lower in the Mumbai market that gained 0.2 per cent.

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