Mindtree News 

Founders requested to extend support for smooth transition to new leadership team: Mindtree

The construction major's takeover of Mindtree had marked the first hostile acquisition in the country's IT space, and L&T now holds 60.06% stake in the IT firm.
Firstpost - Published

I've long been an admirer of Mindtree, says new chairman AM Naik

Mindtree’s new chairman AM Naik, who is also L&T chairman, sought to instill some confidence in a letter to Mindtree employees on Thursday, stressing on the theme of continuity. He said he has long..
IndiaTimes - Published

Mindtree shares tank nearly 11% on disappointing Q1 results; company posts 41% drop in net profit

IT firm Mindtree shares plunged nearly 11 percent on Thursday after the company posted a 41.4 percent decline in consolidated net profit for the June quarter
Firstpost - Published

L&T Group head AM Naik appointed as Mindtree non-executive Chairman

L&T was categorised as the new promoter of Mindtree earlier this month
Firstpost - Published

Mindtree net plunges 41pc yearly, 53pc quarterly - Published Also reported by •Sify

L&T’s Naik is non-executive chairman of Mindtree

Larsen & Toubro-acquired Mindtree has appointed A.M. Naik (Anilkumar Manibhai Naik) as the non-executive chairman of the company with effect from
Hindu - Published

Mindtree Q1 net falls 41.48% to Rs 92.7 crore, confident of higher-than-industry growth rate in FY20

Mindtree's revenues, on the other hand, rose 11.9% to Rs 1,834.2 crore in the June 2019 quarter as compared with Rs 1,639.5 crore in the year-ago period
DNA - Published Also reported by •Firstpost

Sensex opens tad higher as Wipro, Yes Bank, Mindtree results awaited - Published Also reported by •Sify

Mindtree AGM: L&T CEO tells IT firm shareholders company will be operated 'at arm's length' from group's entities

L&T CEO and MD S N Subrahmanyan addressed the shareholders of Mindtree for the first time after the takeover on Tuesday
Firstpost - Published

Mindtree shareholders approve Rs 20 per share special dividend; was proposed by IT firm promoters to celebrate revenue milestone

There were speculations that L&T, which acquired Mindtree in a hostile takeover, would oppose the proposal as it would strip over Rs 320 crore off the IT company's books.
Firstpost - Published

Mindtree comes under bigger tree: L&T

Mindtree's new owner, L&T CEO SN Subrahmanyan said that Mindtree is not being snatched “It’s just coming under the bigger tree of L&T". Mindtree founders Krishnakumar Natarajan, Rostow Ravanan,..
IndiaTimes - Published

‘Mindtree will retain its independence’

Focus is on ‘continuity’, says L&T CEO
Hindu - Published

Mindtree Recognized for its Digital Excellence by ISG - Published

Larsen and Toubro assures Mindtree shareholders of further impetus to long-term growth

Mindtree's new promoter Larsen and Toubro (L&T) Tuesday assured shareholders that it will provide further impetus to the IT firm's growth by providing board-level oversight and the relevant client..
Firstpost - Published

L&T takeover impact: Mindtree's Executive Vice President Kamran Ozair quits within a week after three founders of IT firm resign

Within days of L&T gaining control of Mindtree, the IT firm's Chief Executive Officer Ravanan, Chairman Natarajan and Vice Chairman Parthasarathy quit.
Firstpost - Published

Mindtree stocks tank 11% after top leadership quits - Published

Mindtree to operate as separate entity: L&T CEO

There is no direct conflict between Mindtree and L&T Infotech (LTI) as "they operate in vastly different areas with a minimum client overlap", L&T CEO and managing director SN Subrahmanyan said,..
IndiaTimes - Published

Mindtree shares tumble 14.6% after three founders resign from IT company's board, executive roles

The Mindtree founders had vehemently opposed the L&T bid, terming it hostile and as a grave threat and value destructive to shareholders.
Firstpost - Published

Founders ask Mindtree to declassify them as promoters

After a long battle with L&T to keep control of the firm, Krishnakumar Natarajan, N S Parthasarathy and Rostow Ravanan have resigned from the board and as employees of the company. They have asked..
IndiaTimes - Published

3 Mindtree co-founders quit after L and T buys controlling stake - Published

Top brass of Mindtree quit

Mindtree’s co-founders — Krishnakumar Natarajan, Executive Chairman, N S Parthasarathy, Executive Vice Chairman and COO, and Rostow Ravanan, CEO — have resigned from the Board.
Hindu - Published

Mindtree top bosses exit days after L&T takes control

Mindtree Ltd said on Friday its top bosses, including Chief Executive Officer Rostow Ravanan, have submitted their resignations to the board, days after conglomerate Larsen & Toubro Ltd (L&T) took a..
Reuters India - Published

Mindtree says L&T has 'acquired control' of firm, categorised as promoter with 60.06% stake

Construction major L&T held 9.87 crore equity shares in Mindtree as on 2 July following its recently-concluded open offer
Firstpost - Published

L&T becomes promoter of Mindtree, holds 60% stake

L&T says it has made payments to shareholders who tendered their shares successfully in the open offer, which closed on June 28
DNA - Published

L&T buys controlling stake in Mindtree

Mindtree Ltd said on Wednesday that conglomerate Larsen & Toubro Ltd has acquired a 60.06% stake in the Indian IT services company.
Reuters India - Published

L&T says Mindtree open offer completed, shareholders payments made

The infrastructure major's open offer - for Rs 980 a share - opened on June 17 and closed on June 28, 2019.
Zee News - Published

L&T pays Mindtree shareholders who tendered shares in open offer; infra major's open offer was at Rs 980 a share

L&T's deal marks India's first-ever hostile takeover bid in the IT space
Firstpost - Published

Mindtree founders don’t tender shares to L&T

The four Mindtree founders who remain with the firm have not tendered their shares in L&T’s open offer that closed on Friday. The founders — Subroto Bagchi, N S Parthasarathy, Krishnakumar..
IndiaTimes - Published

L&T gets over 60% holding in Mindtree; open offer over-subscribed

Larsen and Toubro had bought 20.32 percent shares in the IT firm from V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March and subsequently made an open offer to buy an additional..
Zee News - Published

L&T wants Natarajan to be Mindtree's non-exec chair

L&T wants to offer Mindtree’s chairman Krishnakumar Natarajan the role of non-executive chairman to steer through the transition process, sources said. Natarajan, who holds 3.7% stake in the..
IndiaTimes - Published

And so, after all the drama, L&T now owns Mindtree

With the engineering major’s open offer oversubscribed, it now owns almost 60% of shares of the mid-sized IT firm
Hindu - Published

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