Indian engineering to construction company Larsen & Toubro (L&T) plans to invest up to 70 billion rupees ($1.02 billion) in a bid to acquire information technology services and consulting company Mindtree Ltd.
Under the transaction, Larsen & Toubro will buy out Mindtree's largest shareholder and the companies shareholder founded.
The company is acquiring the largest shareholder’s nearly 21 percent stake for over $434.1 million, at $14.20 a share, which will make it Mindtree’s largest shareholder.
Following this, Larsen & Toubro will trigger an open offer for another 26 percent from public shareholders of Mindtree.