VG Siddhartha has earned a profit of close to Rs 2,858 crores from the sale of all his stake in Mindtree to L&T.
Siddhartha who is the founder of CCD (Cafe Coffee Day) had started investing in Mindtree over a decade ago and gradually accumulated 20.41 per cent stake in Mindtree until 2019.
On March 18, 2019 Larsen and Toubro (L&T) bought his entire stake for a price not exceeding Rs 3,269 crores.To sum it up, VG Siddhartha bought shares in Mindtree for anywhere between Rs 87-529 over a period of eight years and sold it at a price close to Rs 975.
L&T bought the stake from VG Siddhartha to gain a minimum 51 per cent in Mindtree which would give the infrastructure giant control over the IT firm. L&T is aggressively targeting all available stake to acquire Mindtree.
VG Siddhartha – “This business restructuring allows us to sharpen our portfolio focus and devote more time towards the strategy for our coffee business. We remain committed towards achieving overall growth in our business by focusing on execution and increasing shareholder value. “