L&T makes Rs 10,800 crore takeover bid for Mindtree

In the country’s first hostile takeover bid in the IT sector, infrastructure giant Larsen & Toubro Monday made an offer to buy up to 66 per cent stake in the Mindtree for around Rs 10,800 crore.

L&T has entered into a deal to buy Cafe Coffee Day owner V G Siddhartha’s 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent of the company shares from the open market.

Subsequent to these deals, L&T would make an open offer to buy additional 31 per cent stake through an open offer, it said in a late evening statement.

All the three acquisitions are being done at Rs 980 per share, a premium of 1.8 per cent over Monday’s closing price of Mindtree on the BSE. Mindtree closed on the BSE at Rs 962.50 a piece.