Mindtree forms panel over L&T open offer, nixes share buyback plan

IT company Mindtree on Tuesday formed a panel of independent directors to look into “unsolicited open offer” by infrastructure major Larsen & Toubro to give its recommendations.

The board of the company has also decided that it will not move ahead with its share buyback plan.

The board formed a committee of independent directors under lead independent director and Radio City CEO Apurva Purohit to provide its recommendation on “unsolicited offer” made by L&T, the company said in a regulatory filing.

“The board of directors of the company, at it meeting held on March 26, 2019, has decided not to proceed with a buy-back of equity shares of the company,” Mindtree said in a regulatory filing.