The independent directors’ commitee (IDC), set up by tech firm Mindtree, has deemed Larsen & Toubro’s (L&T) open offer as “fair and reasonable.”
The IDC, headed by Apurva Purohit, in its recommendations said the offer price of ₹980 by the engineering major L&T was in accordance with regulations under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers Regulations, 2011), as per a filing.
The IDC further said, considering the market prices for equity shares on June 10 in BSE and NSE were at ₹974 and ₹975 respectively, the offer price of ₹980 was fair and reasonable.
Milind Shripad Sarwate, Bijou Kurien and Akshaya Bhargava are the other independent members of the committee.
The IDC also recommended Mindtree shareholders to independently evaluate and take an informed decision about tendering equity shares held by them in the L&T open offer that ends on June 28.
L&T, which intends to increase its stake in Mindtree to 66.32%, has seen atively increasing its grip over the target company since March.
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