Mindtree directors' panel finds L&T offer price 'fair & reasonable'
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The independent directors’ committee (IDC) at Mindtree on Wednesday said Larsen and Toubro’s open offer price of Rs 980 seemed “fair and reasonable”, and recommended that shareholders take independent but informed decision on tendering their shares.
“The IDC is of the opinion that as on the date of the public announcement, the offer price of Rs 980 offered by the acquirer, is in accordance with the regulations prescribed under the Sebi (SAST) regulations, and appears to be fair and reasonable,” the committee observed, said a regulatory filing by Mindtree to the exchanges.
“The IDC is of the opinion that as on the date of the public announcement, the offer price of Rs 980 offered by the acquirer, is in accordance with the regulations prescribed under the Sebi (SAST) regulations, and appears to be fair and reasonable,” the committee observed, said a regulatory filing by Mindtree to the exchanges.
Reasoning out the recommendations, the panel said its member evaluated the closing price of Mindtree shares on the National Stock Exchange (NSE) as well as the BSE on June 10, 2019, which was the date of the recommendations.
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