Mindtree’s board likely to seek meeting with Larsen & Toubro

MUMBAI | BENGALURU: Independent directors at MindtreeNSE 0.33 % have voiced their concerns about the board not having a “collective and informed stand” on what is seen as a hostile takeover attempt by L&T. The IT company’s board will discuss seeking a meeting with the engineering conglomerate, sources with knowledge of the matter said.

L&T last week signed a deal to buy 20.3% stake of Mindtree’s long-term investor Coffee Day EnterprisesNSE -1.08 % founder VG Siddhartha for Rs 3,269 crore. It also committed to spend as much as Rs 7,464 crore to get a controlling stake of 66.32% in Mindtree through a combination of open offer and buying shares from the market.