• Home
  • Terms and Conditions
  • Privacy Policy
  • Copyrights & DMCA
  • Cookie Policy
  • Contact Us
Wednesday, October 4, 2023
Daw Rimiz
No Result
View All Result
  • Login
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us
No Result
View All Result
DawRimiz
No Result
View All Result
Home Business

Mindtree drops buyback plan, forms panel to evaluate L&T’s open offer

Donna Gilbert by Donna Gilbert
August 24, 2023
in Business
0
Mindtree drops buyback plan, forms panel to evaluate L&T’s open offer

According to Sebi norms, a share buyback is possible only when an open offer is in place after receiving approval from 75 percent of the shareholders

Mindtree drops buyback plan, forms panel to evaluate L&T's open offer 1

Article Summary show
READ ALSO
The inventory marketplace is rapidly dropping its largest driving force of profits as worldwide alternate tensions flare
Stocks dip into the crimson amid combined change alerts

READ ALSO

The inventory marketplace is rapidly dropping its largest driving force of profits as worldwide alternate tensions flare

Stocks dip into the crimson amid combined change alerts

The corporate battle between L&T and Mindtree entered the next phase on Tuesday with the construction-to-engineering major issuing a public statement on its open offer, which will start on May 14, while the board of the Bengaluru-headquartered firm decided to drop its buyback plan.

After its previous board meeting on March 20, the Mindtree board informed the exchanges it would constitute a committee of independent directors to evaluate the open offer proposal of L&T.

“The board has decided not to proceed with a buyback of equity shares of the company. Further, it decided to immediately constitute the Committee of Independent Directors in the interests of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T,” Mindtree said in an exchange filing. Apurva Purohit, a lead independent director, will act as chairperson as well as a spokesperson for the committee, which will be supported by legal and financial advisors to evaluate the aspects of the offer.

Industry watchers said while the committee was formed in accordance with the regulations of the Securities and Exchange Board of India, the annulment of the proposed buyback plan could have happened owing to the perceived difficulty in garnering the support of 75 percent of the shareholders.

According to Sebi norms, a share buyback is possible only when an open offer is in place after receiving approval from 75 percent of the shareholders. With L&T holding 20.32 percent in Mindtree, it was challenging to receive the green signal from 75 percent of the shareholders.

“The founders don’t have much option left because, after L&T’s open offer, no change in the capital structure is allowed. The only thing they (the founders) can do is to convince the shareholders not to participate in the open offer by articulating that L&T buying Mindtree is not good for them,” said V Balakrishnan, chairman of Affinity Venture Partners and a former chief financial officer (CFO) and former board member at Infosys. “The best course is to sit, discuss and find a middle path.”

Meanwhile, after acquiring 20.3 percent from Mindtree’s key shareholder V G Siddhartha, L&T on Tuesday said its open offer for Mindtree would open on May 14 at Rs 980 a share. But large shareholders and analysts said the response from Mindtree’s shareholders to the offer would be muted, which could lead to L&T sweetening the offer.

Related Posts

The inventory marketplace is rapidly dropping its largest driving force of profits as worldwide alternate tensions flare
Stock

The inventory marketplace is rapidly dropping its largest driving force of profits as worldwide alternate tensions flare

September 22, 2023
Stocks dip into the crimson amid combined change alerts
Stock

Stocks dip into the crimson amid combined change alerts

September 22, 2023
Yes Bank inventory rate jumps 10% after falling to double digits for first time in 5 years
Stock

Yes Bank inventory rate jumps 10% after falling to double digits for first time in 5 years

September 22, 2023
One crushed-down Chinese tech stock might be at the verge of a breakout
Stock

One crushed-down Chinese tech stock might be at the verge of a breakout

September 22, 2023
Stock market replace: IT stocks dip; Mindtree down over 2%
Stock

Stock market replace: IT stocks dip; Mindtree down over 2%

September 22, 2023
Sebi fines 3 entities Rs 19 lakh for manipulative exchange in BSE inventory options section
Stock

Sebi fines 3 entities Rs 19 lakh for manipulative exchange in BSE inventory options section

September 22, 2023
Next Post
Kohima district admin advocates plastic free lifestyle

Kohima district admin advocates plastic free lifestyle

No Result
View All Result

Categories

  • Business
  • Care Services
  • Cleaning Services
  • Customer Service
  • Dessert
  • Diet
  • Drinks
  • Errand Services
  • Exercise
  • Fashion
  • Fast food
  • Fitness
  • Food
  • Gold
  • Health
  • Home Services
  • Kids
  • Lifestyle
  • Market
  • Money
  • Music
  • Office Services
  • Online Services
  • Recipe
  • Services
  • Sports
  • Stock
  • Technology
  • Transport Service
  • Travel
  • Writing Service

Recent Posts

  • How to Buy the Right White Cardigan For You
  • Diagnosis of Mental Health: How to Find Mental Illness
  • Recipe for Turmeric – How To Make Turmeric Body Scrub
  • Meera Sodha’s vegan recipe for broccoli and soba noodle salad
  • How to deplete extra sourdough starter: an clean pancake recipe
  • Home
  • Terms and Conditions
  • Privacy Policy
  • Copyrights & DMCA
  • Cookie Policy
  • Contact Us

© 2021-2023 Dawrimiz All Rights Reserved Dawrimiz.

No Result
View All Result
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us

© 2021-2023 Dawrimiz All Rights Reserved Dawrimiz.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In