in its press note released on Wednesday informed that its independent directors have said that engineering conglomerate Larsen & Toubro’s offer of Rs980 for the company’s shares ‘appears to be fair and reasonable’ and is in accordance with the market regulator’s takeover rules.
“The shareholders of the target company are advised to independently evaluate the open offer and take an informed decision about tendering equity shares held by them in the open offer,” the company’s independent directors said in a press note.
Mindtree’s promoters, who own about 13% of the company, have opposed the takeover, calling it hostile and saying it undervalues the mid-tier IT company.
L&T’s open offer to buy another 31% stake in Mindtree will now open on June 17 and close on June 28, after getting delayed by a month of its original timeline of May 14 to May 27 as it awaited the regulator Securities and Exchange Board of India’s final approval for the draft letter of offer.
Mindtree Ltd's share price ended at Rs976.60, down by Rs0.8 or 0.08%, from its previous close of Rs977.40 on the BSE.
The scrip opened at Rs978 and has touched a high and low of Rs978.90 and Rs973, respectively. So far, 9,92,223 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs16,050.28cr.