Larsen & Toubro (L&T) has entered into a definitive Share Purchase Agreement (SPA) with V G Siddhartha and his related entities namely, Coffee Day Trading & Coffee Day Enterprises, to acquire 20.32% stake in Mindtree, a global technology services and digital transformation company. L&T will purchase this stake at a price of Rs 980 per share, aggregating to approximately Rs 32.69 billion.
The acquisition is subject to inter alia receipt of necessary regulatory approvals and satisfaction of other conditions as specified in the offer documents. The company has sufficient financial flexibility to fund the entire transaction through its existing financial resources.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.