This is what Larsen and Toubro set to get at Mindtree: Points in brief

The row between construction major Larsen and Toubro (L&T) and IT major Mindtree is no longer hitting the headlines on a daily basis, but there is hectic activity on behind the scenes.

This is what Larsen and Toubro set to get at Mindtree: Points in brief
Board positions, that is what. In fact it will get 3 board positions. IT firm Mindtree Thursday said L&T CEO and MD SN Subrahmanyan will join its Board as Non-Executive Director with effect from July 16. PTI
Written By: ZeeBiz WebTeam
Updated: Tue, Jul 30, 2019
10:16 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Former Cognizant exec Debashis Chatterjee appointed as new CEO & MD of Mindtree Former Cognizant exec Debashis Chatterjee appointed as new CEO & MD of Mindtree
CCD owner VG Siddhartha death: Business failure must not be looked down upon, says FM Sitharaman CCD owner VG Siddhartha death: Business failure must not be looked down upon, says FM Sitharaman
Rajeev Mehta likely to become Mindtree CEO Rajeev Mehta likely to become Mindtree CEO
VG Siddhartha dead, SV Ranganath takes over as Interim chairman of Coffee Day Enterprises VG Siddhartha dead, SV Ranganath takes over as Interim chairman of Coffee Day Enterprises
After VG Siddhartha body found floating in river, this is what top cop said about Cafe Coffee Day owner's case - 5 points After VG Siddhartha body found floating in river, this is what top cop said about Cafe Coffee Day owner's case - 5 points

The row between construction major Larsen and Toubro (L&T) and IT major Mindtree is no longer hitting the headlines on a daily basis, but there is hectic activity on behind the scenes. This is because of the hostile takeover bid of the Bengaluru-based tech firm Mindtree Ltd -  this was the first-ever hostile takeover bid in the Indian IT space. It has now been revealed L&T has secured three board positions at the IT services firm. According to PTI, this has given L&T a firm control over the company.

What happened and what is in offing? Blow by blow account

1. Larsen and Toubro, in March, said it will buy 20.32 per cent stake in Mindtree

2. This stake buy was from VG Siddhartha and his coffee enterprise and was as high as over Rs 3,000 crore.

3. L&T has steadily increased its holding in Mindtree to about 30 per cent. 

4. L&T is currently in the process of an open offer to buy an additional 31 per cent stake.

5. Open offer price is Rs 980 per share

6. Open offer opened on June 17 and is slated to close on June 28. 

7. If the offer is subscribed fully, Larsen and Toubro will have a 66.32 per cent holding in Mindtree.

What is L&T set to get?

Board positions, that is what. In fact it will get 3 board positions. IT firm Mindtree Thursday said L&T CEO and MD SN Subrahmanyan will join its Board as Non-Executive Director with effect from July 16.

The Nomination and Remuneration Committee and the Board of Directors of Mindtree have also approved and recommended the appointments of Jayant Damodar Patil and Ramamurthi Shankar Raman as non-executive directors, subject to shareholders' approval at Mindtree's Annual General Meeting on July 16, a BSE filing said.

Patil is a whole-time director and Senior Executive Vice-President for L&T's Defence business, while Raman presently oversees the finance functions across the L&T Group, it added.

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.