India's L&T buys 20 pct stake in IT firm Mindtree, eyes more

MUMBAI, March 18 (Reuters) - Indian conglomerate Larsen & Toubro Ltd (L&T) said on Monday it would buy a 20.32 percent stake in local IT services firm Mindtree Ltd for 32.69 billion Indian rupees ($476.57 million).

L&T, which is acquiring the shares from local coffee baron V.G. Siddhartha and firms related to him, said in a statement it had also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree’s shares at 980 rupees apiece.

It is also looking to buy an additional 31 percent of shares from Mindtree’s public shareholders at the same price, the company added.

$1 = 68.5940 Indian rupees Reporting by Suvashree Dey Choudhury; Editing by Mark Potter