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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
THIS ARTICLE IS NOT AVAILABLE FOR IP ADDRESS 216.73.216.118
Please verify email or join us
to access premium content!
