INSUBCONTINENT EXCLUSIVE:
The engineering major has missed a deadline to issue its letter of offer to Mindtree shareholders, derailing the May 14 start for the open
offer timeline.
The delay comes as markets regulator, the Securities and Exchange Board of India, got a response only on Friday to some of
Stakeholders Empowerment Services and former executive director of Sebi
statement by LT on March 26, the last date for dispatch of the offer letter to Mindtree shareholders was May 7, and the committee of
independent directors at the Bengaluru-based IT consulting firm had time till May 10 to recommend a course of action to its shareholders
linked to when the Letter of Offer is issued (and when tendering process starts) and is not a fixed date, and thus the recommendation will
The committee will follow the required process as per law and the recommendations will be given within the prescribed timeline under the
Tandon, managing director of corporate governance firm Institutional Investor Advisory Services
additional shares in Mindtree in the open offer that was slated to end May 27
It has already completed buying 20.32 per cent stake from early investor VG Siddhartha and related entities Coffee Day Trading and Coffee
