Trade Nivesh | A management rejig
is now on the cards with a new CEO likely, given that L&T has garnered majority stake
Domestic mutual funds like DSP Midcap fund (1.08 percent), UTI Mutual Fund (2.97 percent) and L&T Mutual Fund Trustee (1.08 percent), and Sanjay Kumar Panda, a minority stakeholder with 0.04 percent stake, are likely to tender the shares in the open offer, they stated.
However, emails seeking confirmation from Mindtree and L&T did not elicit any response. The story will be updated once Moneycontrol receives a response from Mindtree and L&T.
As per media reports, other institutional shareholders such as Amansa Private Holdings (2.77 percent) and Arohi Asset Management (1.22 percent) have already tendered their shares.
These report was in part spurred by Nalanda's exit, an analyst pointed out.
Mindtree founders Krishan kumar Natarajan, Rostow Ravanan, Subroto Bagchi and NS Parthasarathy are likely to tender their shares in the open offer, , which began on June 17 and ends on June 28, CNBC-TV18 reported. L&T has also acquired controlling stake (over 51 percent) and is looking at a management rejig, it added. However, Moneycontrol could not independently verify this report.
The founder promoters and their family currently hold 13.32 percent stake (Natarajan: 3.72 percent, Bagchi: 3.10 percent, Parthasarathy: 1.43 percent and Ravanan: 0.71 percent). L&T's open offer.
Before the open offer began, L&T held close to 30 percent share in Mindtree via acquisition of 20.32 percent share from Siddhartha and his coffee enterprise and the rest through open market purchase.
According to an analyst, after Nalanda Captial, who backed the founders and tendered its shares in the open offer, others followed suit. "Selling their stake is in the best option for founders as they may now want to diversify their portfolio," the analyst added.
Mindtree's shares ended July 26 at Rs 936, lower than its L&T's open offer price of Rs 980.
Changes in Mindtree management
Shriram Subramanian, founder, InGovern Research Services, a proxy advisory firm, said, “It looks almost certain that L&T is heading towards a management rejig. There could be some management changes.”
is now on the cards with a new CEO likely, given that L&T has garnered majority stake
Domestic mutual funds like DSP Midcap fund (1.08 percent), UTI Mutual Fund (2.97 percent) and L&T Mutual Fund Trustee (1.08 percent), and Sanjay Kumar Panda, a minority stakeholder with 0.04 percent stake, are likely to tender the shares in the open offer, they stated.
However, emails seeking confirmation from Mindtree and L&T did not elicit any response. The story will be updated once Moneycontrol receives a response from Mindtree and L&T.
As per media reports, other institutional shareholders such as Amansa Private Holdings (2.77 percent) and Arohi Asset Management (1.22 percent) have already tendered their shares.
These report was in part spurred by Nalanda's exit, an analyst pointed out.
Mindtree founders Krishan kumar Natarajan, Rostow Ravanan, Subroto Bagchi and NS Parthasarathy are likely to tender their shares in the open offer, , which began on June 17 and ends on June 28, CNBC-TV18 reported. L&T has also acquired controlling stake (over 51 percent) and is looking at a management rejig, it added. However, Moneycontrol could not independently verify this report.
The founder promoters and their family currently hold 13.32 percent stake (Natarajan: 3.72 percent, Bagchi: 3.10 percent, Parthasarathy: 1.43 percent and Ravanan: 0.71 percent). L&T's open offer.
Before the open offer began, L&T held close to 30 percent share in Mindtree via acquisition of 20.32 percent share from Siddhartha and his coffee enterprise and the rest through open market purchase.
According to an analyst, after Nalanda Captial, who backed the founders and tendered its shares in the open offer, others followed suit. "Selling their stake is in the best option for founders as they may now want to diversify their portfolio," the analyst added.
Mindtree's shares ended July 26 at Rs 936, lower than its L&T's open offer price of Rs 980.
Changes in Mindtree management
Shriram Subramanian, founder, InGovern Research Services, a proxy advisory firm, said, “It looks almost certain that L&T is heading towards a management rejig. There could be some management changes.”
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