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.

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.

“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

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

Lone tusker spotted on NH-166 near Karkala, disrupts traffic

Lokayukta police summon Karnataka CM Siddaramaiah for questioning in MUDA case on Wednesday

Not ‘kaun banega mukhyamantri’ contest; MVA to name CM pick after polls: Jairam Ramesh

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

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


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.