Mindtree independent directors’ panel says L&T’s open offer price fair, reasonable

New Delhi: An independent directors’ panel of Mindtree, which was set up to offer recommendations on Larsen and Toubro’s (L&T) Rs 5,030-crore open offer has said, the price of Rs 980 per share “appears to be 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 L&T’s offer price of Rs 980 a share is in accordance with the regulations and “appears to be fair and reasonable”.
The closing price of Mindtree shares was Rs 975.50 apiece on NSE and Rs 974.65 a share on BSE on June 10, Mindtree said in a regulatory filing on Wednesday.
It further added that the shareholders of Mindtree 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 committee was headed by independent director Apurva Purohit, and included Milind Shripad Sarwate, Bijou Kurien and Akshaya Bhargava.
Last week, infrastructure major L&T had announced its Rs 5,030-crore open offer to acquire an additional 31 percent stake in the mid-tier IT company after nearly a month’s delay.
L&T’s open offer was earlier scheduled to begin on May 14, but got delayed as the engineering major was awaiting nod from the Securities and Exchange Board of India.
L&T has so far acquired 28.90 percent stake in Mindtree and the open offer, if fully subscribed, will take its shareholding in the IT company to about 60 percent.
In all, the infrastructure major is eyeing about 66 percent stake in Mindtree for over Rs 10,700 crore — through a mix of recent stake acquisition from Cafe Coffee Day owner, the ongoing open market transactions and the ensuing open offer.

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