Mindtree board decides not to go ahead with buyback proposal

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The board of multinational IT firm Mindtree which has been grappling with the hostile takeover of Larsen & Toubro (L&T) has decided not to go ahead with the buy back proposal it has been considering from the past few weeks. The board decided to constitute a committee of independent directors to evaluate the unsolicited offer.

All the directors of the company will be the members of the board and has collectively decided Apurva Purohit as the the chairman of the committee.

“After detailed deliberation and discussion, the Board in its meeting today, decided to immediately constitute the Committee of Independent Directors (IDC) in the interest of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T for the consideration of the shareholders,” Mindtree said.

It further added that it will “consider and evaluate all aspects of the unsolicited offer, taking into account all relevant facts, circumstances, data related to the company and industry and the interests of all stakeholders involved.”

Earlier, L&T made an offer to buy the stake of largest stakeholder in Mindtree for 5,030 crore. It proposed to buy 51.3 million Mindtree shares at 980 apiece.

Mindtree rejected the hostile bid of engineering giant L&T, stating L&T’s plan to acquire a controlling stake will not create value for the IT services firm or its shareholders.

Read also: Mindtree mulling over share buyback proposal amid market speculations regarding exit of largest stakeholder

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