L&T may raise Mindtree stake to 26%,  get a hefty dividend

Larsen and Toubro Ltd on Tuesday formalized its stake purchase in Mindtree Ltd from Café Coffee Day (CCD) founder V.G. Siddhartha and two CCD affiliate firms for ₹3,218.32 crore and is now looking to buy at least 6% more from the open market within a week.

A 26% stake in Mindtree will entitle L&T to get a dividend income of ₹102 crore.

Two people with direct knowledge of the development confirmed this, adding that L&T has started its open market purchase of Mindtree shares on Tuesday and is hoping to cross its basic target of acquiring at least 26% within a week.