Information Technology

Mindtree founders looking to shore up their control to prevent hostile takeover: report

Updated : January 25, 2019 08:48 AM IST

The founders have started an outreach exercise with private equity investors, family offices, institutional and HNI (high net worth individual) shareholders in the company to counter to efforts by L&T Infotech to acquire Siddhartha's stake, the report said.

Siddhartha, the Coffee Day founder, is looking to sell his entire 21 percent stake in Mindtree.

Mindtree founders looking to shore up their control to prevent hostile takeover: report

Founders of IT services company Mindtree are looking at ways to shore up their control of the company against a possible hostile takeover ahead of shareholder VG Siddhartha’s imminent exit, The Economic Times reported citing sources.

Siddhartha, the Coffee Day founder, is looking to sell his entire 21 percent stake in Mindtree.

To prevent a hostile takeover, IT company's chairman Krishnakumar Natarajan and the founders have been holding meetings in Bengaluru and Mumbai to bulk up their support, the report said.

The talks have taken place with KKR and the family office of an Indian billionaire with an inclination in technology and consumer brands, said the report, adding that KKR has already voiced out several financing banks about funding a possible purchase.

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