India: Regulator approves L&T’s Mindtree buy

The Competition Commission of India (CCI) in a tweet wrote that India’s engineering and infrastructure major Larsen & Toubro’s (L&T) deal to acquire 66.15% of the total equity shareholding of Mindtree Limited has been approved.

Founders of Mindtree have publicly attacked L&T’s acquisition proposal despite the latter claiming that it would let the Bengaluru-based firm run independently.

L&T made an open offer after it signed a deal on March 19 with Mindtree’s long-term investor and Cafe Coffee Day promoter VG Siddhartha to buy his 20.32% stake in the company for 32.7 billion rupees (US$472.3 million). It has tasked Axis Capital to buy an additional 15% shares from the open market.

Full Content: Economic Times

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