Mindtree agrees to ‘evaluate’ L&T offer
The Mindtree board has decided against buying back the company’s stocks to prevent a hostile takeover by L&T, it informed the exchanges. Besides, to evaluate the engineering conglomerate’s unsolicited offer, Mindtree will form a committee of independent directors led by Apurva Purohit.
Meanwhile, L&T made an open offer to acquire a 31% stake in the mid-sized IT firm for ₹5,030 crore, valuing its shares at ₹980 apiece. Mindtree promoters have vocally opposed the takeover bid, saying the engineering giant will bring no value to their company. Also read http://realtyplusmag.com/motilal-oswal-real-estate-invests-rs-83-cr-in-radiance-projects-2/