Five posers to L&T from Mindtree promoters

These developments come in the backdrop of L&T agreeing to buy out Mindtree’s largest shareholder VG Siddhartha’s 20.4 per cent for ₹980 per share

Mindtree founders on Tuesday went on the offensive stating that if L&T proceeds with its hostile bid for their company, clients and employees will walk away without any hesitation.

“A hostile takeover by Larsen and Toubro, unprecedented in our industry, could undo all of the progress we’ve made and immensely set our organisation back,” the promoters of MindTree said in a statement which was read out at a press conference jointly addressed by Krishnakumar Natarajan, Subroto Bagchi and Rostow Ravanan.