L&T buys V.G. Siddhartha, CCD's stakes in Mindtree

Last Updated: Thu, May 02, 2019 10:14 hrs
A man waits at a bus-stop with an advertisement of Larsen & Toubro outside the company's manufacturing unit in Mumbai

Mumbai: Larsen & Toubro (L&T) has bought around 20 per cent stake of V.G. Siddhartha and Cafe Coffe Day (CCD)'s stake in Mindtree through block deal worth around Rs 3,200 crore.

L&T bought 3.27 crore shares held by Siddhartha and Cafe Coffee Day on Tuesday at Rs 980 per share, according to a BSE data.

Mindtree's promoters had earlier called L&T bid as hostile.

"An imminent threat of hostile takeover of Mindtree has made me resign from the government to be able to go save the company," former Chief Executive Officer Subroto Bagchi had tweeted earlier.

"I must protect the Tree from people who have arrived with bulldozers and saw chains to cut it down so that in its place they can build a shopping mall," he added.