Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
1-min read

As L&T's 'Hostile Takeover Bid' Inches Closer, Mindtree Board to Discuss Share Buyback Again Today

Bangalore-based software service firm Mindtree directors’ panel will advise the board on the share buyback proposal at a meeting on Tuesday in order to fend off L&T's hostile takeover bid.


Updated:March 26, 2019, 7:51 AM IST
As L&T's 'Hostile Takeover Bid' Inches Closer, Mindtree Board to Discuss Share Buyback Again Today
Representative image (Getty Images)
New Delhi: Independent directors of the Bangalore-based IT firm Mindtree Ltd will meet on Tuesday ahead of the company’s board meeting to advise its board on whether to proceed with the share buyback proposal and further consider Larsen and Toubro Ltd’s (L&T’s) offer to buy shares from the company’s public shareholders.

The stage was set after L&T, India’s largest engineering company, agreed to buy Café Coffee Day founder V.G. Siddhartha’s 20.32% stake for 3,269 crore on March 18, further announcing plans to buy a total of 67% in Mindtree for roughly Rs 10,700 crore. Now the founders of Mindtree, who together constitute 13.32% of ownership in the company, are trying to ward off this ‘hostile takeover bid’ by buying back shares from public shareholders.

Apurva Purohit, Mindtree’s lead independent director and chairperson of company’s nomination and remuneration committee said the independent directors’ committee will follow due process and would hold talks based on independent advice and recommendations, The Mint reported.

Tuesday’s meeting comes after the Mindtree’s board meeting on March 18 failed to reach a conducive conclusion, on account of which, no decision over the buyback proposal was taken. The directors are also expected to discuss the company’s quarterly financial results in the meeting.

Mindtree shares closed at ₹940.25 apiece on the BSE on Monday.

The hostile bid has shocked the IT industry, where deals are fought hard, but competitors remain friendly. Until Mindtree co-founder Subroto Bagchi tweeted that there was a threat of an imminent hostile takeover, few believed such a thing could happen.

Though few, there are tools through which Mindtree can prevent an acquisition. “Some of the options make the takeover expensive for the acquirer. In some cases, the most attractive assets of the target company are sold off so that the acquiring company may lose interest and back out from the hostile takeover,” said DK Srivastava, chief economic adviser, Crisil.
| Edited by: Zoya Mateen
Read full article
Next Story
Next Story

Also Watch

T&C Apply. ARN EU/04/19/13626
Most Active
Company Price Change %Gain
Reliance 1,345.35 -2.93
HDFC Bank 2,268.70 -1.09
Jet Airways 154.70 -6.16
Yes Bank 238.35 -6.82
Indiabulls Hsg 733.95 -8.32
Company Price Change %Gain
Marico 364.25 -0.08
SpiceJet 125.15 -8.15
Jet Airways 154.60 -5.67
Yes Bank 238.40 -6.62
Larsen 1,358.85 -0.14
Top Gainers
Company Price Change %Gain
Wipro 288.25 1.21
Bharti Airtel 349.40 0.71
Tech Mahindra 805.35 0.62
Infosys 721.05 0.56
TCS 2,161.45 0.53
Company Price Change %Gain
Bharti Airtel 349.85 0.89
TCS 2,164.35 0.88
Infosys 720.60 0.59
NTPC 135.75 0.26
Power Grid Corp 194.60 0.21
Top Losers
Company Price Change %Gain
Indiabulls Hsg 733.95 -8.32
Yes Bank 238.35 -6.82
BPCL 340.10 -6.28
IndusInd Bank 1,691.00 -4.15
IOC 149.75 -4.07
Company Price Change %Gain
Yes Bank 238.40 -6.62
IndusInd Bank 1,691.45 -4.11
Reliance 1,344.80 -2.76
ICICI Bank 394.60 -2.54
HDFC 1,955.05 -2.44

Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results