Indian conglomerate Larsen & Toubro Ltd (L&T) said on Monday it would buy a 20.32 percent stake in local IT services firm Mindtree Ltd for 32.69 billion Indian rupees ($476.57 million).
L&T, which is acquiring the shares from local coffee baron V.G. Siddhartha and firms related to him, said in a statement it had also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree`s shares at 980 rupees apiece.
It is also looking to buy an additional 31 percent of shares from Mindtree`s public shareholders at the same price, the company added.
($1 = 68.5940 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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