Board of Mindtree decides against buyback and constitutes committee to deliberate on L&T offer

At meeting held on 26 March 2019

The Board of Mindtree at its meeting held on 26 March 2019 has decided not to proceed with a buy-back of equity shares of the Company.

The Board also decided to immediately constitute the Committee of Independent Directors (IDC) in the interest of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T for the consideration of the shareholders. All the Independent Directors will be Members of the IDC, and the IDC has elected Apurva Purohit, Lead Independent Director, as the Chairperson of the IDC and spokesperson. The IDC will consider and evaluate all aspects of the unsolicited offer, taking into account all relevant facts, circumstances, data related to the Company and industry and the interests of all stakeholders involved. This committee will discharge the legal obligations placed on the independent directors under the prevailing regulations with respect to providing reasoned recommendations on the unsolicited offer by L&T. This Committee will be supported by independent legal and financial advisors to help it with its deliberations.

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