Mindtree seeks to reclassify promoters to public

Bengaluru: Mindtree has submitted applications to the exchanges seeking to reclassify its promoters and promoters group.

In July last year, key founder-promoters Krishnakumar Natarajan, Rostow Ravanan, N S Parthasarathy resigned from their executive roles after Larsen & Toubro acquired more than 60% stake in the mid-tier IT services major.

The company has sought to reclassify promoters to ordinary shareholders in one year since they quit, following the takeover.


According to a regulatory filing by Mindtree on Tuesday, the company has sought reclassification of Krishnakumar Natarajan, and family; Rostow Ravanan, and family; N S Parthasarathy and family; Subroto Bagchi and family; LSO Investment Pvt Ltd; Kamran Ozair; and Scott Staples from promoter and promoter group to public category.

ET reported in November that Ravanan, former chief executive of Mindtree, might sell some of his stake to fund a new software-as-a-service firm.

Natarajan and family hold nearly 5% stake in the company, while Bagchi and family own 4.5%. Ravanan holds 0.67% in the company, while Parthasarathy has 1.3% stake.