Mumbai (Maharashtra) [India], June 12 (ANI): IT major Mindtree's independent directors said on Wednesday that engineering conglomerate Larsen & Toubro's offer of Rs 980 per share for the IT company's equity appears to be fair, reasonable and in accordance with the market regulator's takeover rules.
"The shareholders of the target company are advised to independently evaluate the open offer and take an informed decision about tendering equity shares held by them in the open offer," the independent directors said in a filing with the Bombay Stock Exchange.
Mindtree's promoters, who own about 13 per cent of the company, have opposed the takeover, calling it hostile and saying it undervalues the mid-tier IT company.
L&T's open offer to buy another 31 per cent stake in Mindtree will now open on June 17 and close on June 28, after getting delayed by a month of its original timeline of May 14 to May 27 as it awaited final approval for the draft letter of offer by the Securities and Exchange Board of India (SEBI).
In March, L&T had offered to buy 5.13 crore Mindtree shares at Rs 980 each to add to the 20.32 per cent stake it agreed to buy from coffee baron V G Siddhartha.
Mindtree's offerings to its customers include application development and maintenance, infrastructure management services, independent testing, package implementation, consulting and IP products related solutions. (ANI)