L&T prepares for hostile takeover of Mindtree
Larsen and Toubro (L&T) is set to sign a binding deal to buy CCD founder V.G. Siddhartha's stake in Mindtree Ltd
That deal could trigger a hostile takeover bid, leading to an open offer by L&T to increase its stake in Mindtree to 51%
Mumbai: Larsen and Toubro Ltd (L&T), which has been in talks to buy Cafe Coffee Day founder V.G. Siddhartha’s stake in Mindtree Ltd, is set to sign a binding agreement to close the deal, two people directly aware of the development said. The deal, which is likely to be announced in the weeks ahead, could trigger a hostile takeover bid, leading to an open offer by L&T, India’s largest engineering company, to increase its stake to 51%.