Larsen & Toubro (L&T) has acquired around 20 percent stake in Bengaluru-based IT services firm Mindtree from Cafe Coffee Day founder VG Siddhartha through block deal for about Rs 3,210 crore. The company bought 3.27 crore shares held by Siddhartha and Coffee Day Trading on April 30, 2019.
The infrastructure major is in the fray to buy up to 66 percent stake in the Mindtree for around Rs 10,800 crore. L&T has entered into a deal to buy Cafe Coffee Day owner Siddhartha’s 20.32 percent stake in Mindtree and has also placed an order with brokers to pick up another 15 percent of the company shares from the open market for about Rs 2,500 crore.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.