The board of Mindtree Ltd., which on Wednesday deferred a decision on share buyback, will meet again on March 26 as it faces a Rs 10,800-crore hostile takeover bid from Larsen & Toubro Ltd, it said in an exchange filing.
On Monday, infrastructure giant L&T made an offer to buy up to 66 percent stake in Mindtree for around Rs 10,800 crore—a move that Mindtree’s promoters have vowed to oppose.
L&T has entered into a deal to buy Café Coffee Day owner VG Siddhartha’s 20.32 percent stake in Mindtree and has also placed an order with brokers to pick up another 15 percent of the company shares from the open market. Further, the group would make an open offer to buy additional 31 percent stake in Mindtree.
Mindtree Chife Executive Officer and Promoter Rostow Ravanan said on Tuesday the company’s board would deliberate on the buyback or the open offer within the framework of the laws.
“Obviously there are laws—what the board can do and cannot do under the circumstances,” he had said.
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