Page 10 - Mindtree

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

Mindtree founders may have to vacate board seats for L&T nominees

IT firm can expand the size of its board subject to the upper cap of 15 to give L&T representation

Mindtree directors' panel finds L&T offer price 'fair & reasonable'

The observation of the panel is in stark contrast to the stance taken by the founders of the IT services company

L&T's open offer price at Rs 980/share fair: Mindtree independent directors

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". Mindtree shares closed at Rs 975.50 a piece on NSE and Rs 974.65 a share on BSE. "The shareholders of the target company are advised to independently evaluate the open offer and take an informed decision about tendering the equity shares held by them in the open offer," the company said in a regulatory filing on Wednesday. On June 7, the infrastructure major Larsen & Toubro announced a Rs 5,030-crore open offer to acquire an additional 31 per cent stake in mid-tier IT company Mindtree at a price of Rs 980 per share. L&T has so far acquired 28.90 per cent stake in Mindtree and ...

L&T makes Rs 5,030-crore open offer for additional 31% stake in Mindtree

In an exchange filing, the company said the open offer will start on June 17 and will end on June 28

L&T announces open offer for 51.3 mn shares of Mindtree at Rs 980 a share

L&T will have to shell out Rs 5,029.8 crore for the planned open offer for the Bengaluru-based company

L&T buys 25,000 equity shares of Mindtree; raises holding to 28.90%

L&T, which has been pursuing a hostile takeover of Mindtree, has expressed its intent to ramp-up its shareholding up to 66 per cent

L&T picks up Mindtree shares worth Rs 70 crore between May 27-30

Infrastructure major Larsen and Toubro (L&T) picked up 7.11 lakh shares of IT firm Mindtree between May 27-30 for about Rs 70 crore, according to regulatory data. The development assumes significance as L&T has been steadily increasing its holding in the Bengaluru-based tech firm where it acquired around 20 per cent stake of V G Siddhartha and Cafe Coffee Day last month. L&T, which has been pursuing a hostile takeover of Mindtree, has expressed its intent to ramp up its shareholding up to 66 per cent. According to BSE data, L&T acquired shares from the open market throughout the week (May 27-30) with the highest quantum of shares being purchased on May 28 when it picked up over 3.5 lakh shares of Mindtree at Rs 979.98 apiece. A back-of-the-envelope calculation showed that the company spent close to Rs 70 crore during the week for these transactions, which took its overall shareholding to 28.88 per cent. In multiple tranches, L&T mopped up more than 7.11 lakh shares

L&T may launch open offer for Mindtree shareholders on June 17: Sources

Despite approval to the open offer, sources said the target company, Mindtree, was yet to receive any formal communications from L&T

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

L&T picks up additional Rs 316-cr Mindtree shares, increases stake to 28%

Infrastructure major Larsen and Toubro (L&T) has raised its stake in IT firm Mindtree by about 2 per cent between May 20-24 by picking up shares worth over Rs 316 crore, according to regulatory data. The development assumes significance as L&T has already acquired around 20 per cent stake in the mid-sized IT firm from V G Siddhartha and Cafe Coffee Day and is keen to increase its shareholding up to 66 per cent. According to BSE data, L&T acquired shares from the open market throughout the week with the highest quantum of shares being purchased on May 24 when it picked up nearly 25 lakh shares of Mindtree at Rs 980 apiece. A back-of-the-envelope calculation shows that the company spent over Rs 316 crore during the week for these transactions which took its overall shareholding to 28.45 per cent from 26.48 per cent at the start of the week. In multiple tranches, L&T mopped up about 32.25 lakh shares during the said week. Shares of Mindtree ended flat at Rs 980 apiece on .

L&T buys 73,953 shares of Mindtree, hikes shareholding to 26.53%

L&T's shareholding in Mindtree rises to 26.53 per cent.

Mindtree acquisition on top of agenda; will make it a big firm: A M Naik

Acquisition of Mindtree is the topmost agenda for infrastructure giant Larsen & Toubro at the moment and eventually the mid-sized IT firm is going to be transformed into a big company, L&T Group Chairman A M Naik said. The USD 20 billion conglomerate, which has taken its overall holding in Mindtree to about 26 per cent, will launch the open offer to buy additional stake in around 10 days, he added. "We continuously look for opportunities as they come by, but right now our mind is completely occupied on Mindtree and I hope we will be able to eventually make this into a big company as well," Naik told PTI in an exclusive interview here. Naik said Mindtree's acquisition was top on L&T's agenda right now. "We have got around 26 per cent stake in Mindtree and now we will wait till we get 51 per cent. The open offer will be launched in about 10-12 days time," he added. Naik joined L&T in 1965 as a junior engineer and rose to the position of CEO and MD in 1999 and chairman in

L&T buys 13,440 shares of Mindtree, expands shareholding to 26.48%

On Thursday, L&T had acquired 8.86 lakh shares of Mindtree from the open market

L&T becomes single-largest shareholder in Mindtree, acquires 26% stake

L&T will now be able to induct its nominee on Mindtree board, & block future resolutions relating to capital structure, dividend and acquisition passed by latter's board