Baring Private Equity Asia Ltd has emerged as the front-runner in the race to buy the 21% stake of Coffee Day Enterprises Ltd, its founder V.G. Siddhartha and affiliate entities in Mindtree Ltd for at least Rs 3,300 crore, two people directly aware of the talks said. The development comes even as the promoters of Mindtree are reluctant to sell their stakes as they want to prevent Baring from taking control of the software services provider.
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