U.S.-based venture capital firm KKR and Co. has proposed 3,100 crore rupees ($436 million) to acquire the stake held by Indian café chain Café Coffee Day's founder and Café Coffee's two affiliates in information technology company Mindtree Ltd.
The latest offer makes KKR the highest bidder for the 20.4 percent stake held by Café Coffee Day's founder and two affiliate firms in Mindtree.
In January, KKR proposed about $393.9 million or up to $11.96 a share to buy Café Coffee Day founder's stake with a condition to acquire sole control of Mindtree via an open offer including 5 percent from the promoters or the existing public shareholders.
KKR has offered to pay at least $13.02 a share to acquire Café Coffee Day founder and the two affiliate’s stake in Mindtree without any additional stake from existing Mindtree promoters. The final buyer is likely to be shortlisted within the next fortnight.