March 19, 2019 / 4:04 AM / 7 months ago

India's L&T buys 20.3 pct stake in Mindtree; shares fall

March 19 (Reuters) - 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 percent stake in Mindtree for 32.69 billion rupees ($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 percent of Mindtree’s shares at 980 rupees each. It is also looking to buy an additional 31 percent from Mindtree’s public shareholders at the same price.

L&T stock was trading 1.2 percent lower in the Mumbai market that gained 0.2 percent. ($1 = 68.5225 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Gopakumar Warrier)

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