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March 14, 2019 10:19 PM | Information Technology

L&T approves acquisition of VG Siddhartha's stake in Mindtree

The board of Larsen & Toubro (L&T) has approved the acquisition of VG Siddhartha's 24.4 percent stake in Mindtree at Rs 981 per share, said sources familiar with the matter.

The company is likely to sign a term sheet with Siddhartha by March 18, sources told CNBC-TV18, adding that the deal will pave way for an open offer by L&T to increase its stake in Mindtree to 51 percent.

The development comes as the battle for the control of Mindtree intensified in the last few months. In addition to L&T, KKR and Baring PE Asia have also shown interest in buying the stake.
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