After L&T gets controlling stake, Mindtree CEO Rostow Ravanan likely to resign, says sources
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After a year-long effort, engineering giant Larsen and Toubro (L&T) acquired a controlling stake in Mindtree—the Bengaluru-based Information Technology (IT) company, through a hostile bid by raising its stake to 60 percent.
According to Mint, Mumbai-based L&T purchased an additional 31 percent stake for Rs 4,988.82 crore through an open offer as large investors rushed to sell their holdings. Last week, L&T had announced its Rs 5,030-crore open offer to acquire an additional 31 percent stake in the mid-tier IT company after nearly a month's delay.
The offer to purchase 50.9 million shares of Mindtree from public shareholders was subscribed 1.2 times on Wednesday, the report said, quoting people with direct knowledge of the matter.