The Hindu Business Line
Mindtree ropes in I-Sec, Khaitan & Co as advisors for open offer
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.