Page 10 - Mindtree

Mindtree founders may have to vacate board seats for L&T nominees

IT firm can expand the size of its board subject to the upper cap of 15 to give L&T representation

Mindtree directors' panel finds L&T offer price 'fair & reasonable'

The observation of the panel is in stark contrast to the stance taken by the founders of the IT services company

L&T's open offer price at Rs 980/share fair: Mindtree independent directors

Independent Directors' panel of Mindtree has said that Larsen and Toubro's open offer price at Rs 980/share appears "fair and reasonable". The committee cited the closing market price of Mindtree shares on the stock exchanges on June 10, being "lower than the offer price" and said that L&T's offer price of Rs 980 a share is in accordance with the regulations and "appears to be fair and reasonable". Mindtree shares closed at Rs 975.50 a piece on NSE and Rs 974.65 a share on BSE. "The shareholders of the target company are advised to independently evaluate the open offer and take an informed decision about tendering the equity shares held by them in the open offer," the company said in a regulatory filing on Wednesday. On June 7, the infrastructure major Larsen & Toubro announced a Rs 5,030-crore open offer to acquire an additional 31 per cent stake in mid-tier IT company Mindtree at a price of Rs 980 per share. L&T has so far acquired 28.90 per cent stake in Mindtree and ...

L&T makes Rs 5,030-crore open offer for additional 31% stake in Mindtree

In an exchange filing, the company said the open offer will start on June 17 and will end on June 28

L&T announces open offer for 51.3 mn shares of Mindtree at Rs 980 a share

L&T will have to shell out Rs 5,029.8 crore for the planned open offer for the Bengaluru-based company

L&T buys 25,000 equity shares of Mindtree; raises holding to 28.90%

L&T, which has been pursuing a hostile takeover of Mindtree, has expressed its intent to ramp-up its shareholding up to 66 per cent

L&T picks up Mindtree shares worth Rs 70 crore between May 27-30

Infrastructure major Larsen and Toubro (L&T) picked up 7.11 lakh shares of IT firm Mindtree between May 27-30 for about Rs 70 crore, according to regulatory data. The development assumes significance as L&T has been steadily increasing its holding in the Bengaluru-based tech firm where it acquired around 20 per cent stake of V G Siddhartha and Cafe Coffee Day last month. L&T, which has been pursuing a hostile takeover of Mindtree, has expressed its intent to ramp up its shareholding up to 66 per cent. According to BSE data, L&T acquired shares from the open market throughout the week (May 27-30) with the highest quantum of shares being purchased on May 28 when it picked up over 3.5 lakh shares of Mindtree at Rs 979.98 apiece. A back-of-the-envelope calculation showed that the company spent close to Rs 70 crore during the week for these transactions, which took its overall shareholding to 28.88 per cent. In multiple tranches, L&T mopped up more than 7.11 lakh shares

L&T may launch open offer for Mindtree shareholders on June 17: Sources

Despite approval to the open offer, sources said the target company, Mindtree, was yet to receive any formal communications from L&T

L&T faces delay in launch of open offer for Mindtree shareholders

Delay in open offer likely to create uncertainty among shareholders of L&T, Mindtree

L&T picks up additional Rs 316-cr Mindtree shares, increases stake to 28%

Infrastructure major Larsen and Toubro (L&T) has raised its stake in IT firm Mindtree by about 2 per cent between May 20-24 by picking up shares worth over Rs 316 crore, according to regulatory data. The development assumes significance as L&T has already acquired around 20 per cent stake in the mid-sized IT firm from V G Siddhartha and Cafe Coffee Day and is keen to increase its shareholding up to 66 per cent. According to BSE data, L&T acquired shares from the open market throughout the week with the highest quantum of shares being purchased on May 24 when it picked up nearly 25 lakh shares of Mindtree at Rs 980 apiece. A back-of-the-envelope calculation shows that the company spent over Rs 316 crore during the week for these transactions which took its overall shareholding to 28.45 per cent from 26.48 per cent at the start of the week. In multiple tranches, L&T mopped up about 32.25 lakh shares during the said week. Shares of Mindtree ended flat at Rs 980 apiece on .

L&T buys 73,953 shares of Mindtree, hikes shareholding to 26.53%

L&T's shareholding in Mindtree rises to 26.53 per cent.

Mindtree acquisition on top of agenda; will make it a big firm: A M Naik

Acquisition of Mindtree is the topmost agenda for infrastructure giant Larsen & Toubro at the moment and eventually the mid-sized IT firm is going to be transformed into a big company, L&T Group Chairman A M Naik said. The USD 20 billion conglomerate, which has taken its overall holding in Mindtree to about 26 per cent, will launch the open offer to buy additional stake in around 10 days, he added. "We continuously look for opportunities as they come by, but right now our mind is completely occupied on Mindtree and I hope we will be able to eventually make this into a big company as well," Naik told PTI in an exclusive interview here. Naik said Mindtree's acquisition was top on L&T's agenda right now. "We have got around 26 per cent stake in Mindtree and now we will wait till we get 51 per cent. The open offer will be launched in about 10-12 days time," he added. Naik joined L&T in 1965 as a junior engineer and rose to the position of CEO and MD in 1999 and chairman in

L&T buys 13,440 shares of Mindtree, expands shareholding to 26.48%

On Thursday, L&T had acquired 8.86 lakh shares of Mindtree from the open market

L&T becomes single-largest shareholder in Mindtree, acquires 26% stake

L&T will now be able to induct its nominee on Mindtree board, & block future resolutions relating to capital structure, dividend and acquisition passed by latter's board

L&T buys 1,168 shares of Mindtree, overall holding reaches 25.94 %

Infrastructure major Larsen and Toubro (L&T) has acquired 1,168 shares of Mindtree from the open market, taking its overall holding in the mid-sized IT company to 25.94 per cent, according to a regulatory filing. "Larsen and Toubro Ltd has acquired 1,168 equity shares (with face value of Rs 10 each) of Mindtree Ltd on May 14, 2019," the company said in a filing. The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.94 per cent. The latest stock purchase was made at Rs 972 apiece. Earlier this month, Larsen and Toubro had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market. On May 9, L&T had announced the acquisition of an additional 2 per cent stake in Mindtree. In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking

Mindtree deal: Panel report on L&T's open offer likely to face delay

L&T has already reached the open offer trigger point, after taking its total holding in Mindtree to 25.93% on Thursday

L&T reaches open offer trigger point, raises stake in Mindtree to 25.93%

Mindtree's panel of independent directors is in the process of evaluating the open offer proposal, and will give its recommendations by May 10

L&T acquires additional 2% stake in Mindtree; takes total holding to 26%

L&T had earlier purchased around 20% stake of V G Siddhartha and Coffee Day in Mindtree through a block deal.

Infrastructure major L&T buys Mindtree shares worth Rs 368 crore

Mindtree is in the midst of a takeover battle, with Larsen & Toubro (L&T) seeking to take control of the mid-sized IT firm

Who wins in the Mindtree saga?

Why did V G Siddhartha not sell back his shares to Mindtree or other friendly investors? What were the compulsions?