The announcement was made after market hours yesterday, 26 March 2019.
Meanwhile, the S&P BSE Sensex was up 175.27 points, or 0.46% to 38,408.68.
On the BSE, 27,000 shares were traded in the counter so far compared with average daily volumes of 1.36 lakh shares in the past two weeks. The stock had hit a high of Rs 939.90 and a low of Rs 911 so far during the day. The stock hit a 52-week high of Rs 1,181.90 on 11 September 2018. The stock hit a 52-week low of Rs 752.60 on 26 October 2018.
Mindtree said its board invited views from the directors on the unsolicited offer made by Larsen & Toubro (L&T) for the equity shares of the company. After detailed deliberation and discussion, the board decided to immediately constitute the committee of independent directors (IDC) in the interest of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T for the consideration of the shareholders. All the independent directors will be members of the IDC, and the IDC has elected Apurva Purohit, lead independent director, as the chairperson of the IDC and spokesperson.
The IDC will consider and evaluate all aspects of the unsolicited offer, taking into account all relevant facts, circumstances, data related to the company and industry and the interests of all stakeholders involved. This committee will discharge the legal obligations placed on the independent directors under the prevailing regulations with respect to providing reasoned recommendations on the unsolicited offer by L&T. This committee will be supported by independent legal and financial advisors to help it with its deliberations.
Meanwhile, L&T made an open offer yesterday, 26 March 2019, to acquire a 31% stake in Mindtree for Rs 5030 crore. L&T has offered to buy 5.13 crore Mindtree shares at Rs 980 each.
Mindtree's consolidated net profit declined 7.3% to Rs 191.20 crore on 1.8% rise in revenue to Rs 1787.20 crore in Q3 December 2018 over Q2 September 2018.
Mindtree is a global IT consulting and services company which helps clients across 17 countries achieve business agility, competitive edge, and growth.