New Delhi: The Competition Commission of India (CCI) said that it has approved the acquisition of up to 66.15 per cent of the total equity shareholding of Mindtree by L&T. “@CCI_India approves acquisition of up to 66.15% of the total equity shareholding of Mindtree Limited, on a fully diluted basis, by L&T,” the CCI said in a tweet.
Earlier Mindtree had decided not to proceed with its proposal to buy back its shares after infrastructure major L&T made an open offer to acquire 31 pc of equity capital for Rs 3,050 cr. The Mumbai-based L&T had bought 20.4 pc shares in Mindtree for Rs 3,300 crore at Rs 980 per share from Coffee Day Enterprise owner V.G. Siddhartha on March 18.