The battle lines have been clearly drawn in what is probably the first hostile takeover in the Indian IT industry. On March 18, Larsen &Toubro (L&T) bought a 20.32% stake in Mindtree from Café Coffee Day founder VG Siddhartha for Rs.32.69 billion at Rs.980 per share, despite the promoters of the mid-tier IT services firm raising objection.
Mindtree is fighting L&T's takeover with tooth, nail and imploring letters, but it will need a white knight soon
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