The Competition Commission of India said that it had approved the diversified group Larsen & Toubro Ltd.’s proposed acquiring of up to a 66.15 percent stake in IT firm MindTree Ltd.
L&T has made an offer to achieve a majority stake in MindTree and a committee of the It firm’s independent directors is looking into it since deal beyond a certain threshold requires clearance from the fair trade regulator.
It said in a statement, “acquisition of up to 66.15% of the total equity shareholding of Mindtree Limited, on a fully diluted basis, by Larsen and Toubro Limited”
L&T acquired Cafe Coffee Day-owner VG Siddhartha’s 20.32 percent stake in Mindtree and has also placed an order with brokers to pick up another 15 percent shares from the open market. Besides, an open offer has been made to buy over 5.13 crore or around 31 percent stake for Rs 5,030 crore.
The deal is estimated to be the value of about Rs. 10,800 crores.
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