CCI gives speedy nod to L&T bid for Mindtree.

The Competition Commission of India (CCI) on Friday cleared the decks for L&T’s acquisition of a 66% stake in Mindtree for Rs. 10,700 crore.

The CCI’s approval came barely two weeks after L&T landed an unsolicited offer to take control of the Bengaluru-headquartered, mid-tier IT services company.L&T has agreed to buy Mindtree’s largest shareholder and Coffee Day founder V G Siddhartha’s 20.4% stake for over Rs. 3,000 crore. L&T has also placed an order with brokers to pick up another 15% of the company shares from the market, besides making an open offer for an additional 31% stake.

CCI tweeted about its speedy approval of L&T’s proposed acquisition even as the four Mindtree founders, who together own 13.3%, are resisting the L&T bid.

Mindtree’s committee of independent directors, set up to offer recommendations on L&T’s open offer, has appointed Khaitan and Co as its independent legal counsel and ICICI Securities as its independent financial adviser.Following the CCI approval, L&T will now proceed to mop up 15% from the open market. L&T is expected to move on with the open offer after receiving market regulator Sebi’s approval.

The last date for filing counter offer, if any, is April 16.

TOI