New Delhi: Infratsructure major Larsen & Toubro has purchased around 20% stake of V.G. Siddhartha and Coffee Day in Mindtree through block deal for about ₹3,210 crore.
According to data available at the BSE, L&T bought 3.27 crore shares held by Siddhartha and Coffee Day Trading Limited on Tuesday.
The infrastructure major is in fray to buy up to 66% stake in the Mindtree for around ₹10,800 crore.
L&T has entered into a deal to buy Cafe Coffee Day owner Siddhartha's 20.32% stake in Mindtree and has also placed an order with brokers to pick up another 15% of the company shares from the open market for about ₹2,500 crore.
Subsequent to these deals, L&T has made an open offer to buy additional 31% stake through an open offer.
Mindtree had formed a panel of independent directors to look into "unsolicited open offer" by infrastructure major L&T to give its recommendations.
Mindtree's promoters have called L&T bid as hostile and raised corporate governance issues at L&T and culture difference between the two companies.
The co-founders in a letter said that many institutional investors, clients and employees of MindTree have expressed their reservations to be part of an L&T-controlled organisation due to cultural difference between the two companies.