L&T's takeover of Mindtree marked India's first-ever hostile takeover in the IT space. The infrastructure giant had bought 20.32 per cent shares in Mindtree from late V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March.
“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,” said a BSE filing on Tuesday.
The development assumes significance as L&T has been steadily increasing its holding in the Bengaluru-based tech firm where it acquired around 20 per cent stake of V G Siddhartha and Cafe Coffee Day last month.
Shares of Mindtree closed 0.19 per cent down at Rs 978.60 per share on Thursday at the BSE. L&T is in the midst of acquiring a majority stake in Mindtree, which the promoters of the latter are opposed to.
Mindtree will, however, seek the approval for its proposal at the forthcoming annual general meeting likely to take place in June or July, but there will be no extraordinary general meeting for the same.