Mindtree plans defence against hostile takeover by L&T2 min read . Updated: 16 Mar 2019, 07:30 AM IST
- Mindtree board to consider a share buyback amid L&T’s plans to buy the 20.4% stake held by CCD founder V.G. Siddhartha
- The promoters have a two-pronged plan with a singular objective: purchase Mindtree shares from Siddhartha to prevent a hostile takeover by an outsider
Mumbai: Mindtree Ltd’s board will meet on 20 March to consider a proposal to buy back its fully paid-up equity shares from the market, the information technology (IT) company said in an exchange filing on Friday. The move comes at a time when engineering conglomerate Larsen and Toubro Ltd is in advanced talks to buy out a 20.4% stake held by Café Coffee Day (CCD) founder V.G. Siddhartha, the group’s flagship Coffee Day Enterprises Ltd and its step-down subsidiary Coffee Day Trading Ltd.
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