In the open offer process, though most foreign portfolio investors (FPIs), including Nalanda and Arohi Asset Management, sold their shares, sources said the founders had not yet tendered any shares. Currently, the founders, including Subroto Bagchi, N S Parthasarathy, Krishnakumar Natarajan and Rostow Ravanan together hold 13 per cent in the company.
Last week, Mindtree
board has approved appointment of three L&T’s nominees, which included the Mumbai-based firm’s Chief Executive Officer and Managing Director S N Subrahmanyan and its Chief Financial Officer Ramamurthi Shankar Raman. In that rejig, Mindtree’s co-founder Subroto Bagchi has opted out of reappointment. “Without the promoter’s tag, an acquirer can’t appoint directors in executive roles on the board. However, with L&T receiving the promoter’s tag, a change in the current executive roles seems imminent,” sources said.
is scheduled to hold its next annual general meeting (AGM) on July 16 in which the broader contour of L&T’s plan for the Bengaluru-headquartered IT firm is likely to be known, they added.