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Mindtree independent director's panel call L&T's offer 'fair and reasonable'

Mindtree independent director's panel call L&T's offer 'fair and reasonable'

Mindtree independent director's panel call L&T's offer 'fair and reasonable'
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By CNBC-TV18 Jun 12, 2019 9:33:13 AM IST (Updated)

The independent directors' committee of Mindtree on Wednesday said Larsen & Toubro's (L&T) offer price of Rs 980 per share is 'fair and reasonable'.

The independent directors' committee of Mindtree on Wednesday said Larsen & Toubro's (L&T) offer price of Rs 980 per share is 'fair and reasonable'.

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The committee's recommendation was based on Mindtree's closing price on June 10 of Rs 975.5 on the National Stock Exchange and Rs 974.65 on the Bombay Stock Exchange.
Infrastructure major L&T on Friday announced an open offer for 51.3 million shares or 31 percent stake of IT company Mindtree.
At Rs 980 per share, L&T's offer for the Bengaluru-based company is worth about Rs 5,029 crore.
The open offer price is higher by 0.5 percent than Mindtree's closing price on the Bombay Stock Exchange on June 10.
The open offer is in connection with L&T mounting a hostile takeover bid on Mindtree when it entered into a deal to buy Cafe Coffee Day owner VG Siddhartha's 20.32 percent stake in Mindtree and also placed an order with brokers to pick up another 15 percent of the company shares from the open market.
L&T's open offer - which was earlier slated to begin on May 14 - has been delayed as the engineering major is awaiting nod from the Securities and Exchange Board of India (Sebi).
As of June 6, L&T's holding in Mindtree stood at 28.90 percent.
At 9.22 AM, Mindtree shares were down 0.12 percent at Rs 976.20, while L&T lost 0.6 percent at Rs 1,515.75 on BSE.
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