Engineering and construction major Larsen and Toubro Ltd. (L&T) is set to make an offer to acquire the shares of mid-cap software company Mindtree. L&T is looking to buy 20.4 per cent stake held by Café Coffee Day (CCD) founder V G Siddhartha, along with his Café Coffee Day affiliate firms in Mindtree.
L&T will buy the 20.4 per cent stake at Rs. 981 per share and will make an open offer to buy up to 51 per cent in Mindtree. Axis Capital and Citigroup Global markets are running mandate for the open offer as bankers.
Mindtree Limited is a multinational IT company that deals in outsourcing services in the field of e-commerce, mobile applications, cloud computing, digital transformation, data analytics, enterprise application integration and enterprise resource planning. L&T infotech has grown almost 2.5 times in the last three years in terms of market value.