L&T confident of taking control of Mindtree: AM Naik

MUMBAI | BENGALURU: Larsen and ToubroNSE 0.74 % (L&T) will soon garner more than 40% stake and pursue its open offer for MindtreeNSE -0.07 %, chairman AM Naik said, even as he criticised the sustained hostile approach to the takeover by the founders of the mid-tier IT services firm.

The engineering giant has ramped up its stake in the Bengalurubased company to 28.9% currently and its open offer to buy a further 31% will open on June 17 and close June 28. “We have committed Rs 4,000  ..

Mindtree’s founders, who own a combined 13% stake in the company, have termed L&T’s takeover “hostile”.

“We have categorically said that this is not a hostile offer. But when an opportunity presents itself to us when one of the early investors, Siddhartha, approached us three times for the deal, are we supposed to ignore it?”

Mindtree chairman Krishnakumar Natarajan and CEO Rostow Ravanan did not answer calls seeking a response to Naik’s comments on the deal. In March, L&T signed an agreement with Cafe Coffee Day chairman VG Siddhartha to buy his 20.32% stake in Mindtree. L&T boug ..

Naik said L&T did extend a hand of friendship to Mindtree’s promoters, including an offer to make Natarajan the “chairman of the combined entity”, but they have stuck to their hostile approach. “But that doesn’t deter us,” he said.

“We have made an open offer at the best price and we are going ahead with our plans to acquire it. We are confident of the deal and will not let such speculations distract us,” said Naik.

On Wednesday, Mindtree’s independent board members said th ..