L&T to get 3 Board positions in Mindtree
Team Udayavani, Jun 20, 2019, 7:24 PM IST
New Delhi: Construction major L&T, which is in the midst of a hostile takeover of Mindtree Ltd, has secured three board positions at the IT services firm, giving it a firm control over the company.
IT firm Mindtree on Thursday said L&T CEO and MD SN Subrahmanyan will join its Board as Non-Executive Director with effect from July 16.
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.
“Subroto Bagchi, who retires by rotation at the 20th AGM on July 16, 2019, has not offered himself for re-appointment,” the filing noted.
The committee has also approved the appointment of Prasanna Rangacharya and Deepa Gopalan Wadhwa as independent directors, it added.
At the end of March 2019, Mindtree had eight members on its board of which four were independent directors.
In March, L&T had said it will buy 20.32 per cent stake in Mindtree from VG Siddhartha and his coffee enterprise for over Rs 3,000 crore – marking India’s first-ever hostile takeover bid in the IT space.
Since then, L&T has steadily increased its holding in the Bengaluru-based tech firm to about 30 per cent. L&T is currently in the process of an open offer to buy an additional 31 per cent stake.
The open offer – with an offer price of Rs 980 per share – opened on June 17 and is slated to close on June 28. If the offer is subscribed fully, the engineering behemoth will end up with a 66.32 per cent holding in Mindtree.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
Sensex plunges 942 points to settle at nearly 3-month low; RIL, HDFC Bank biggest drag
Equity investors become poorer by Rs 7.37 lakh crore during morning trade as markets tumble
Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum
Mcap of 6 of top-10 most valued firms jump Rs 1 lakh cr; State Bank, ICICI Bank top gainers
MUST WATCH
Latest Additions
Balasore tragedy result of composite negligence of railway officials: Orissa High Court
Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN
Three convicted for 2016 Kollam collectorate blast case
Expect Canadian government to ensure justice, uphold rule of law: PM Modi
Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.