INSUBCONTINENT EXCLUSIVE:
By Saritha Rai, Manuel Baigorri and Anto AntonyLarsen Toubro Infotech Ltd
largest shareholder seeks to sell his holding, according to people familiar with the matter.
Larsen Toubro and Baring are both offering 950
to 1,000 rupees a share and a decision may come as soon as next week, one of the people said, asking not to be identified because the matter
Siddhartha, the largest shareholder in Mindtree, is selling a stake of about 20 percent that he holds through Coffee Day Enterprises and
The deal would be valued at about 34 billion rupees ($480 million) at the top of the price range.
Other suitors including private equity
remain interested, the people said
No final decision has been made and the companies could still decide against pursuing a deal
Baring declined to comment
Larsen Toubro Infotech, KKR and the office of V.G
Siddhartha did not respond to requests for comment.
Siddhartha is selling the stake as he shifts his attention from technology consulting to
an expansion of his Cafe Coffee Day business
The chain is challenging Starbucks in India and is aiming to expand to more than 2,000 stores in the next few years
Mindtree competes with Larsen Toubro, Infosys Ltd
Toubro because of competitive tensions, one of the people said
However, that may not prove the deciding factor, the person said.
Mindtree shares have climbed about 8 percent this year and rose 2.5
percent in Friday trading.
