Mindtree promoters skip tendering shares in open offer

Mindtree promoters who own over 13% stake in the mid IT services firm have not participated in the open offer of Larsen and Toubro, which has taken majority control of the Bengaluru-based company.

The open offer that ended on Friday got a response of 116% or more than the 51.3 million shares that L&T expected.

The founders — Krishnakumar Natarajan, Rostow Ravanan, Subroto Bagchi and NS Parthasarathy — and their family members own 13.32% stake in the company. However, co-founder S Janakiraman, who is not categorised as promoter, tendered 0.3% of his 1.5% holding in the company in the open offer. L&T expects to own 66% stake in Mindtree.