Nalanda Capital owns 10.6 percent stake in Mindtree, making it the company's largest institutional investor.
Nalanda Capital is rallying Mindtree investors to get L&T to pay a better price for the IT company, as per a report in The Times of India.
Nalanda Capital has touched base with some global investors who back funds that invest in Indian stocks, asking them to hold on to Mindtree for better value.
Pulak Chandan Prasad, Nalanda Capital's founder, believes that L&T's offer of Rs 980 per share downplays Mindtree's valuation, the report said.
Moneycontrol could not independently verify the story.
L&T's hostile takeover possibly threatens Nalanda Capital's investment model, since it typically bets on the mid-cap companies and supports the incumbent management.
Nalanda Capital owns a 10.6 percent stake in Bengaluru-based Mindtree, making it the company’s largest institutional investor.
Also Read: L&T's open offer for Mindtree shareholders faces delay
Prasad has so far not responded to a request for comment by The Times of India.
"Prasad, with a penchant for holding on to firm opinions, is working on insulating his thesis," a source told the paper.
L&T had earlier this year bought a 20 percent stake in the IT company from VG Siddhartha and Cafe Coffee Day.
Since then, it has bought more Mindtree shares from the open market, bringing its current stake to 28.88 percent.
