The independent directors’ committee (IDC) at Mindtree on Wednesday said Larsen and Toubro’s open offer price of Rs 980 seemed “fair and reasonable”, and recommended that shareholders take independent but informed decision on tendering their shares.
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".
Engineering major Larsen & Toubro (L&T) on Friday announced an open offer to purchase 51.3 million shares or an additional 31 per cent stake in Mindtree at Rs 980 apiece. At the current offer price, L&T has to shell out around Rs 5,029.8 crore to buy the stake.
In an exchange filing, the company said the open offer will start on June 17 and will end on June 28.
Infrastructure major Larsen and Toubro on Friday announced an open offer for 51.3 million shares or 31 per cent stake of mid-tier IT company Mindtree at Rs 980 per share, according to a regulatory filing.
L&T will have to shell out Rs 5,029.8 crore for the planned open offer for the Bengaluru-based company.
Engineering giant Larsen and Toubro (L&T) is believed to have received the approval from the Securities and Exchange Board of India (SEBI) to go ahead with the open offer to acquire shares in IT firm Mindtree.
The open offer is likely to start after June 10. L&T currently holds a 28.87% stake in the IT firm which it acquired partly from Cafe Coffee Day founder VG Siddhartha as well as from the open market.
L&T Infrastructure Project Development Company (IDPL), a subsidiary of Larsen & Toubro, plans to soon add two of its road assets to the portfolio of its infrastructure investment fund (InvIT), Indinfravit Trust, a senior official with knowledge of the matter said.
“We plan to keep generating deal flow for the InvIT, as we see no shortage of money coming from international players. The plan is to make two operational highway projects a part of the Indinfravit soon.
Engineering major Larsen & Toubro (L&T) is behind schedule in the launch of its open offer for the shareholders of information technology company Mindtree.
It has already exceeded the timeline fixed under Securities and Exchange Board of India (Sebi) regulations in this regard. That rule says a company should launch an open offer within 55 days from the date of a public announcement.
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