Page 9 - Mindtree

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L&T's A M Naik appointed non-executive chairman of Mindtree

After the exit of its co-founders, the share price of the IT firm lost about a quarter of its value in the last fortnight

Mindtree board appoints L&T boss A M Naik as non-executive chairman

Mindtree Wednesday said L&T Group Chairman A M Naik has been appointed as non-executive chairman of the IT company. The move follows the construction major acquiring over 60 per cent stake in the Bengaluru-based IT company. "...the Nomination and Remuneration Committee and the Board of Directors of the company at their meeting held on July 17, 2019, have appointed Anilkumar Manibhai Naik as the Non-Executive Chairman of the company with effect from July 18, 2019," Mindtree said in a regulatory filing. Naik is the Chairman of USD 18 billion L&T Group an organisation he has served for over 54 years, and led for the last 20 years. The construction major's takeover of Mindtree had marked the first hostile acquisition in the country's IT space and L&T now holds 60.06 per cent stake in the IT firm. L&T was categorised as the new promoter of Mindtree earlier this month. The takeover process started when L&T bought 20.32 per cent stake in the Bengaluru-based company from .

Mindtree shareholders approve Rs 20/share special dividend for FY19

Shareholders of Mindtree, including the new promoter Larsen and Toubro (L&T), Tuesday approved proposal for a special dividend of Rs 20 per share for FY2019. The special dividend, which is expected to have an outgo of about Rs 328 crore from the books, was proposed by the previous promoters of Mindtree to celebrate the twin achievements of exceeding USD 1 billion annual revenue milestone and 20th anniversary of the company. According to a regulatory filing by Mindtree, 99.99 per cent (14.39 crore) votes were cast in favour, while 124 votes (0.01 per cent) were against of the proposal at the company's 20th annual general meeting on Tuesday. At the end of June 2019, L&T had 60.06 per cent stake, while founders held about 13.3 per cent stake. Other proposals for payment of Rs 9 per share in interim dividend and Rs 4 per share as final dividend were also cleared with similar support. There were speculations that L&T, which acquired Mindtree in a hostile takeover, would oppose .

Mindtree employees worry over work culture shift as L&T takes charge

In the first ever hostile takeover in the domestic IT industry, L&T has acquired a controlling stake of around 60 per cent in Mindtree

Crucial Mindtree AGM on Tuesday; three senior-level executives resign

The board of the Bengaluru-headquartered firm is also expected to douse the investors' concerns about business continuity and staff attrition

Mindtree hits 52-week low; stock dips 17% in two days after top mgt resigns

The stock fell below its previous low of Rs 753 touched on October 26, 2018 in the intra-day deals. Meanwhile, the stock on Monday turned ex-date for dividend of Rs 24 per share.

'Mindtree is independent': L&T tells shareholders after shares plunge

Mindtree shares have lost close to a quarter of their value in the last two trading sessions at stock exchanges

Mindtree set for top brass revamp as 3 founders resign after L&T's takeover

Meanwhile, L&T has started its hunt to fill in the leadership positions at the IT services firm with names of at least three external candidates and one internal candidate doing the rounds

Mindtree co-founders resign from board, company as L&T takes control

IT major announces resignations of chairman Krishnakumar Natarajan, vice chairman N S Parthasarathy and CEO Rostow Ravanan

Mindtree CEO Rostow Ravanan, 2 others quit days after L&T takes control

Mindtree Friday said its chief executive Rostow Ravanan, chairman Krishnakumar Natarajan and vice chairman Parthasarathy NS have resigned. The move comes within days of construction giant Larsen and Toubro (L&T) controlling majority share of over 60 per cent in the mid-sized IT firm. "...at the board meeting held on July 5, 2019, Krishnakumar Natarajan (Executive Chairman), Parthasarathy NS (Executive Vice Chairman and Chief Operating Officer) and Rostow Ravanan (CEO and Managing Director) have submitted their resignations as members of the board of directors of Mindtree Ltd and as employees of the company," Mindtree said in a regulatory filing. The filing added that these officials will stay as board members till July 17, 2019 and as employees in line with their employment contracts to ensure smooth transition.

Larsen and Toubro receives promoter's tag in Mindtree with 60% stake

Mindtree is scheduled to hold its next annual general meeting (AGM) on July 16

L&T has 'acquired control' of the company with 60.06% stake: Mindtree

The development is significant as Mindtree founders had initially resisted the hostile takeover bid and also tried to rally support of large investors in the initial weeks of the drama

L&T pays Mindtree shareholders who tendered shares in open offer

Construction major Larsen & Toubro, which holds over 60 per cent stake in Mindtree, said Tuesday it has made payments to shareholders who tendered their shares successfully in the recently-concluded open offer. "...we wish to inform you that Larsen & Toubro has today made payment of consideration to the shareholders of the target company (Mindtree) who have tendered their shares in the open offer, in respect of the equity shares which have been accepted in the open offer and returned the equity shares which have not been accepted in the open offer to the demat accounts of the respective shareholders," L&T said in a regulatory filing. The infrastructure major's open offer - at Rs 980 a share - began on June 17 and concluded on June 28. "Consequent to the completion of the open offer, the shareholding of the company (L&T) in the target company, including the shares acquired under the Share Purchase Agreement and the Purchase Order, stands at 60.06 per cent of the total ..

Race for Mindtree CEO's post: 3 on L&T shortlist to replace Rostow Ravanan

As engineering major secures controlling stake in IT firm, likelihood of an early exit of Ravanan looks imminent

Valuations under pressure as Street seeks management stability in Mindtree

Management transition process would also weigh on the company's new client additions and overall operations, further denting its near-term growth

L&T's stake in Mindtree crosses 60% as open offer is fully subscribed

According to data available with exchanges, against an offer of 51.3 million shares, L&T has so far received bids for 55.4 million shares

L&T set to control Mindtree, increases stake to 51%, says report

In March, Mindtree ditched a plan to buy back shares in a bid to counter L&T's hostile takeover approach

Mindtree's best yet to come, expect low-teen growth rate in FY20: Top brass

Mindtree - where Larsen & Toubro is in the midst of acquiring majority stake - has exuded confidence that it will deliver a low-teen growth rate in FY20, and promised that the "best of Mindtree is yet to come". The Bengaluru-based company described construction major L&T's unsolicited bid to acquire majority holding in the IT firm as "unusual situation" and said it is fully committed to "handling this issue in a manner that maximises value for all our stakeholders". Chairman Krishnakumar Natarajan and CEO Rostow Ravanan, in their message to shareholders in the company's annual report filed with BSE on Friday, noted that the L&T matter was pending regulatory approvals at the time of penning the message. The two top officials said the company is focussed on capitalising on the opportunities and maintaining high-growth trajectory, growing faster than the industry. "Although the external environment presents a slightly worrisome picture global trade wars, increasing risk of ..

Mindtree approves appointment of 3 L&T nominees as board directors

In an exchange filing, the IT firm said its board had approved induction of five new directors into the company's board