Diabytes
MindTree News
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Subroto Bagchi disclosed the biggest wealth of his life which he truly cherishes in a post on X. Read on.
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Chatterjee will lead the merged entity.
The name of the combined entity will be 'LTIMindtree'.
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The blue-chip NSE Nifty 50 index ended 0.26% higher at 15,853.95.
The benchmark S&P BSE Sensex rose 0.25% at 52,904.05.
The Nifty IT index rose as much as over 3% to a record high.
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As Indian benchmark indices opened in green on Monday (April 27) with the Sensex gaining around 500 points, Mindtree, Bharat 22 ETF and Tata Steel are some stocks which will impact the indices on Monday.
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Mindtree has appointed named SN Subrahmanyan, CEO of Larsen & Toubro Ltd (L&T), as its non-executive vice chairman.
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The infrastructure major's open offer - for Rs 980 a share - opened on June 17 and closed on June 28, 2019.
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Larsen and Toubro had bought 20.32 percent shares in the IT firm from V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March and subsequently made an open offer to buy an additional 31 percent stake.
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In March this year, L&T had bought 20.32 percent stake from coffee baron VG Siddhartha and companies related to him and as since kept buying stake in Mindtree from its promoters and through an ongoing open offer.
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Also, Mindtree co-founder Subroto Bagchi, who will retire next month, has not offered himself for re-appointment to the Board.
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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.
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L&T will have to shell out Rs 5,029.8 crore for the planned open offer for the Bengaluru-based company.
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After the latest transaction, L&T's shareholding in Mindtree stands at 28.88 percent. The latest stock purchase was made at Rs 980 apiece.
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Earlier this month, L&T had purchased around 20 percent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market.
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The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.94 percent. The latest stock purchase was made at Rs 972 apiece.
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The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.93 percent, compared to 23.92 percent prior to the transaction, another filing said.
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This is seen as the first hostile takeover bid in the Indian IT industry.
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Posing five questions to diversified Larsen and Toubro (L&T), which already has two separate IT firms, the promoters also wanted to know what would happen if Mindtree employees choose to leave after the takeover.
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L&T had Monday night announced that it reached an agreement to acquire Siddhartha's 20.32 percent stake at Rs 980 a share.
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L&T on Monday announced a hostile takeover bid involving a three-pronged acquisition of Mindtree.
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MindTree was co-founded by -- Krishnakumar Natarajan, Rostow Ravanan, Subroto Bagchi and N S Parthasarathy.
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