<p>Mindtree Ltd's shares fell in early trade Tuesday after Larsen &amp; Toubro Ltd (L&amp;T) said it would buy a 20.32 percent stake in the IT services company for about Rs 3,300 crore.&nbsp;</p>

<p>L&amp;T will buy the stake from Indian coffee baron and Cafe Coffee Day owner VG Siddhartha, the construction company said late on Monday.</p>

<p>The Mumbai-based L&amp;T also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree's shares at 980 rupees each. It is also looking to buy an additional 31 percent from Mindtree's public shareholders at the same price.</p>

<p>L&amp;T stock was on Tuesday trading 1.2 percent lower in the Mumbai market that gained 0.2 percent.</p>

<p>Mindtree's promoters meanwhile released a statement saying L&amp;T's "hostile takeover bid" was "a grave threat" to their "unique organisation".&nbsp;</p>

<p>"The attempted hostile takeover bid of Mindtree by L&amp;T is a grave threat to the unique organisation we have collectively built over 20 years," the statement read.&nbsp;</p>

<p>The statement was issued collectively by Mindtree's Executive Chairman Krishnakumar Natarajan, co-founder Subroto Bagchi, Chief Executive Rostow Ravanan and Executive Vice-Chairman Parthasarathy NS.</p>

<p>"A hostile takeover by L&amp;T, unprecedented in our industry, could undo all of the progress we've made and immensely set our organisation back," the statement said.&nbsp;</p>

<p>"We believe that culture needs to be carefully created and nurtured over time, and can't be bought and sold like any asset," the statement added.&nbsp;</p>

<p>Mindtree meanwhile added that it would continue to oppose the attempted takeover in the interest of its shareholders and employees.</p>

<p>Mindtrees's employees seem to feel the same way, saying the culture of their organisation is unique and that it should be left that way.&nbsp;</p>

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<p dir="ltr" lang="en">Culture and values set us apart and L&amp;T could potential destroy the fabric of it <a href="https://twitter.com/hashtag/mindtreematters?src=hash&amp;ref_src=twsrc%5Etfw">#mindtreematters</a> <a href="https://t.co/tFCfbNvQYk">https://t.co/tFCfbNvQYk</a></p>
— Gautham Gopalkrishna (@gauths_g) <a href="https://twitter.com/gauths_g/status/1107614425463357441?ref_src=twsrc%5Etfw">March 18, 2019</a></blockquote>
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<p dir="ltr" lang="en">Mindtree is one and only best company i have been with. the culture of mindtree is very unique. Mindtree is not a work place for me. its my Home and home is never for sale.<a href="https://twitter.com/hashtag/MindtreeMatters?src=hash&amp;ref_src=twsrc%5Etfw">#MindtreeMatters</a> <a href="https://twitter.com/Mindtree_Ltd?ref_src=twsrc%5Etfw">@Mindtree_Ltd</a></p>
— Anjan (@anjan_27) <a href="https://twitter.com/anjan_27/status/1107578653448142848?ref_src=twsrc%5Etfw">March 18, 2019</a></blockquote>
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<p dir="ltr" lang="en">Sustaining a good work culture matters..<br />
Working with good people matters..<br />
Loving what you do everyday matters..<br />
Having Leaders who care, matters..<br />
After having experienced all these things for just 2 years in Mindtree, I can proudly say <a href="https://twitter.com/hashtag/MindtreeMatters?src=hash&amp;ref_src=twsrc%5Etfw">#MindtreeMatters</a><br />
And it always will! :)</p>
— Elita D'souza (@elita_3094) <a href="https://twitter.com/elita_3094/status/1107613709197668352?ref_src=twsrc%5Etfw">March 18, 2019</a></blockquote>
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<p>A number of them said on social media that Mindtree was like a "home" to them and a home is never for sale.&nbsp;</p>


Mindtree Ltd's shares fell in early trade Tuesday after Larsen & Toubro Ltd (L&T) said it would buy a 20.32 percent stake in the IT services company for about Rs 3,300 crore.

Mindtree Ltd's shares fell in early trade Tuesday after Larsen & Toubro Ltd (L&T) said it would buy a 20.32 percent stake in the IT services company for about Rs 3,300 crore. L&T will buy the stake from Indian coffee baron and Cafe Coffee Day owner VG Siddhartha, the construction company said late on Monday. The Mumbai-based L&T also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree's shares at 980 rupees each. It is also looking to buy an additional 31 percent from Mindtree's public shareholders at the same price. L&T stock was on Tuesday trading 1.2 percent lower in the Mumbai market that gained 0.2 percent. Mindtree's promoters meanwhile released a statement saying L&T's "hostile takeover bid" was "a grave threat" to their "unique organisation". "The attempted hostile takeover bid of Mindtree by L&T is a grave threat to the unique organisation we have collectively built over 20 years," the statement read. The statement was issued collectively by Mindtree's Executive Chairman Krishnakumar Natarajan, co-founder Subroto Bagchi, Chief Executive Rostow Ravanan and Executive Vice-Chairman Parthasarathy NS. "A hostile takeover by L&T, unprecedented in our industry, could undo all of the progress we've made and immensely set our organisation back," the statement said. "We believe that culture needs to be carefully created and nurtured over time, and can't be bought and sold like any asset," the statement added. Mindtree meanwhile added that it would continue to oppose the attempted takeover in the interest of its shareholders and employees. Mindtrees's employees seem to feel the same way, saying the culture of their organisation is unique and that it should be left that way. Culture and values set us apart and L&T could potential destroy the fabric of it #mindtreematters https://t.co/tFCfbNvQYk — Gautham Gopalkrishna (@gauths_g) March 18, 2019 × Mindtree is one and only best company i have been with. the culture of mindtree is very unique. Mindtree is not a work place for me. its my Home and home is never for sale.#MindtreeMatters @Mindtree_Ltd — Anjan (@anjan_27) March 18, 2019 × Sustaining a good work culture matters.. Working with good people matters.. Loving what you do everyday matters.. Having Leaders who care, matters.. After having experienced all these things for just 2 years in Mindtree, I can proudly say #MindtreeMatters And it always will! :) — Elita D'souza (@elita_3094) March 18, 2019 × A number of them said on social media that Mindtree was like a "home" to them and a home is never for sale.

L&T to buy stake in Mindtree: Employees say takeover will destroy company's 'unique culture'

<p>The management of Indian IT services company Mindtree rejected conglomerate <a href="https://www.wionews.com/business-economy/larsen-toubro-makes-rs-5030-crore-offer-to-buy-31-stake-in-mindtree-204155">Larsen &amp; Toubro Ltd's move to buy a 66 per cent stake</a> in the company by spending about $1.6 billion, terming it "value destructive."</p>

<p>L&amp;T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion).</p>

<p>Shares in both L&amp;T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain.</p>

<p>L&amp;T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&amp;T Infotech Ltd, in which it owns a 74.8 per cent stake.</p>

<p>The company's chief financial officer, R&nbsp;Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities.</p>

<p>Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders."</p>

<p>Mindtree said its board will deliberate over the L&amp;T proposal on Wednesday.</p>

<p>Mindtree, with a strong client base, is an attractive asset for L&amp;T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data.</p>

<p>"This acquisition is in line with (L&amp;T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&amp;T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note.</p>

<p>The combined revenues of Mindtree, L&amp;T Infotech and L&amp;T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said.</p>

<p>The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys.</p>

<p>L&amp;T said it will buy a fifth of Mindtree from Indian coffee baron VG&nbsp;Siddhartha and companies related to him.</p>

<p>The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price.</p>

<p>If the transactions go through, L&amp;T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&amp;T said in an investor presentation on Tuesday.</p>

<p>L&amp;T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.</p>


The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.

The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.6 billion, terming it "value destructive." L&T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion). Shares in both L&T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain. L&T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&T Infotech Ltd, in which it owns a 74.8 per cent stake. The company's chief financial officer, R Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities. Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders." Mindtree said its board will deliberate over the L&T proposal on Wednesday. Mindtree, with a strong client base, is an attractive asset for L&T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data. "This acquisition is in line with (L&T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note. The combined revenues of Mindtree, L&T Infotech and L&T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said. The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys. L&T said it will buy a fifth of Mindtree from Indian coffee baron VG Siddhartha and companies related to him. The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price. If the transactions go through, L&T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&T said in an investor presentation on Tuesday. L&T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.

Mindtree management rejects hostile bid from Larsen & Toubro

<p>Larsen &amp; Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore.</p>

<p>L&amp;T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.13 crore shares from shareholders.</p>


Larsen & Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore. L&T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.

Larsen & Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore. L&T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.13 crore shares from shareholders.

Larsen & Toubro makes Rs 5,030 crore offer to buy 31% stake in Mindtree

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