L&T buys about 20% stake in Mindtree from VG Siddhartha

Mumbai | Bengaluru: Larsen & Toubro, the engineering behemoth that plans to acquire a majority stake in MindtreeNSE 0.55 %, has bought about 20% in the IT services company from VG Siddhartha through block deals on the stock exchanges, according to data on the BSE.

L&T said in March it would make an open offer to buy an additional 31% stake in Mindtree after signing a deal on March 19 with long-term investor and Cafe Coffee Day promoter Siddhartha to buy his 20.32% holding in the company for Rs 3,269 crore.

Through Tuesday’s block deals, L&T bought more than 32.7 million shares, or almost 20% of the stake held by Siddhartha and his Cafe Coffee Day affiliate firms, at Rs 980 per share.