IT services company Mindtree Ltd fell in early trade on Tuesday after conglomerate Larsen & Toubro Ltd (L&T) said it would buy a 20.32 per cent stake in Mindtree for Rs 3,269 crore ($477.1 million).
L&T will buy the stake from Indian coffee baron V G Siddhartha and companies related to him, Coffee Day Enterprises and Coffee Day Trading, L&T said late on Monday. Mumbai-based L&T also placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at Rs 980 each. It is also looking to buy an additional 31 per cent from Mindtree's public shareholders at the same price.
The Mindtree stocks was trading lower by 1.83 per cent in the BSE index Sensex at Rs 944.90, while the stock of L&T Ltd was trading lower at 1350.75, down 2.04 per cent.