L&T says no competing offer for Mindtree, open offer to begin on June 17
As of June 6, L&T holds a 28.9% stake in Mindtree.
Engineering conglomerate L&T put out its delayed letter-of-offer for Mindtree shares, without raising the Rs 980 a share offer price and said there were no competing offers for the mid-tier IT company.
The letter of offer said Mindtree’s independent directors had until June 13 to put out a recommendation on the open offer, which will begin June 17 and end on June 28.
L&T had hoped to complete the tender process by the end of May but was delayed as it answered questions on the draft letter of offer by stock market regulator SEBI.
As of June 6, L&T holds a 28.9% stake in Mindtree. The IT company’s promoters have been resisting the takeover price undervalues the company.
The letter of offer said Mindtree’s independent directors had until June 13 to put out a recommendation on the open offer, which will begin June 17 and end on June 28.
L&T had hoped to complete the tender process by the end of May but was delayed as it answered questions on the draft letter of offer by stock market regulator SEBI.
As of June 6, L&T holds a 28.9% stake in Mindtree. The IT company’s promoters have been resisting the takeover price undervalues the company.