Independent Directors’ panel of Mindtree has said that Larsen and Toubro’s open offer price at Rs 980/share appears “fair and reasonable”.
The committee cited the closing market price of Mindtree shares on the stock exchanges on June 10, being “lower than the offer price” and said that L&T’s offer price of Rs 980 a share is in accordance with the regulations and “appears to be fair and reasonable”.
Mindtree shares closed at Rs 975.50 a piece on NSE and Rs 974.65 a share on BSE.
“The shareholders of the target company are advised to independently evaluate the open offer and take an informed decision about tendering the equity shares held by them in the open offer,” the company said in a regulatory filing on Wednesday.
On June 7, the infrastructure major Larsen & Toubro announced a Rs 5,030-crore open offer to acquire an additional 31 per cent stake in mid-tier IT company Mindtree at a price of Rs 980 per share. L&T has so far acquired 28.90 per cent stake in Mindtree and …