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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

Mindtree
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Currently, L&T is pursuing market purchase of Mindtree shares to increase its stake in the IT firm

Debasis Mohapatra Bengaluru
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. L&T, after an agreement to buy Cafe Coffee Day founder V G Siddhartha's stake, issued the public announcement on March 18. Its detailed public statement  in that regard was on March 26 in newspapers. 

“As the open offer is

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First Published: May 30 2019 | 1:43 AM IST

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