L&T, Mindtree slip after hostile bid for IT firm

Shares of IT services company Mindtree Ltd and conglomerate Larsen & Toubro Ltd (L&T) fell on Tuesday after L&T said it agreed to buy a fifth of Mindtree and aimed for a much bigger stake via market deals and an open offer.

L&T said it would buy a 20.32 per cent stake in Mindtree from coffee baron V G Siddhartha and companies related to him – Coffee Day Enterprises and Coffee Day Trading.

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