India begins a new trading week with a hostile takeover battle between Mindtree‘s founders and L&T

  • Mindtree shares open the week with gains of over 2%
  • L&T is set to make a hostile bid as the company‘s founders refuse let go of control
  • Company‘s strategic investor, coffee baron VG Siddhartha, is expected sell his 21% stake to L&T

Indian technology services company Mindtree, backed by coffee baron VG Siddhartha, is at the centre of a takeover battle between the company‘s founders and one of the country‘s biggest conglomerates, Larsen and Toubro (L&T).

Shares of Mindtree opened the day up over 2% on Monday (March 18) as investors expect the battle for control between the hostile suitor L&T, which has proposed to buy out in the company, and the existing leadership determined to keep control of the company.

The founders are so reluctant to let go of the company, one of the founding directors left a government job to avert a hostile takeover of Mindtree by L&T.

The board of directors informed the stock exchange on Friday that it will consider a share buyback in a meeting on March 20.

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