Khaitan & Co acted as external independent legal advisor to Independent Director and Chairperson of the Committee of Independent Directors (IDC), Mindtree Limited, in reaching a conclusion on the fairness and reasonableness of the unsolicited mandatory open offer. The transaction is one of the largest unsolicited open offers in India.
The Competition Commission of India in april approved Larsen & Toubro’s deal to acquire 66.15% of the total equity shareholding of Mindtree Limited.
Founders of Mindtree have publicly attacked L&T’s acquisition proposal despite the latter claiming that it would let the Bengaluru-based firm run independently. Due to that reason Mindtree board had appointed the panel of independent directors to review L&T’s open offer and recommend whether its shareholders would benefit by selling their shares or not.
June 10, 2019, The members of the committee of independent directors of Mindtree in their report have termed L&T’s open offer price of Rs 980 per share to acquire Mindtree as ‘fair and reasonable”.
Khaitan & Co acted as external independent legal advisor to Independent Director and Chairperson of the Committee of Independent Directors (IDC), Mindtree Limited (Apurva Purohit) with a team including Arindam Ghosh (Picture), Rajat Mukherjee, Sarthak Sarin and Shashank Patil.
Law Firms: Khaitan & Co.;
Clients: Apurva Purohit;