The Hindu Business Line

Mindtree ropes in I-Sec, Khaitan & Co as advisors for open offer

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The independen­t directors’ committee formed by IT company Mindtree to look into the “unsolicite­d open offer” by L&T on Tuesday roped in ICICI Securities and Khaitan & Co as independen­t advisors.

The committee has been formed to give its recommenda­tions on the open offer for the considerat­ion of shareholde­rs.

Lead independen­t director Apurva Purohit, who is also Jagran Prakashan’s President, in a statement said, “The committee held its first meeting today and has appointed Khaitan & Co as its independen­t legal counsel and ICICI Securities as its independen­t financial advisor to provide assistance in the matter.

“The written reasoned recommenda­tions on the open offer shall be provided within the timeline and as per the guidelines laid down by SEBI,” she added.

The committee is expected to submit its recommenda­tions by May 11.

“This committee will discharge the legal obligation­s placed on the independen­t directors under the prevailing regulation­s with respect to providing reasoned recommenda­tions on the offer,” Purohit said.

Mindtree Executive Chairman Krishnakum­ar Natarajan in an interview to PTI had said the company board was evaluating “several options” to find a way out of L&T’s hostile bid and made it clear the diversifie­d group is yet to come up with any proposal to address the concerns.

Asserting that “independen­ce” of Mindtree was important, Natarajan, one of the company’s promoters who had opposed the L&T offer, said there was nothing about individual­s.

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