NEW DELHI: Independent directors' panel of Mindtree has said that Larsen and Toubro's open offer price at ₹980/share appears "fair and reasonable". The committee cited the closing market price of Mindtree shares on the stock exchanges on June 10, being "lower than the offer price" and said that L&T's offer price of ₹980 a share is in accordance with the regulations and "appears to be fair and reasonable". "The shareholders of the target company are advised to independently evaluate the open offer and take an informed decision about tendering the equity shares held by them in the open offer," the company said in a regulatory filing on Wednesday. L&T has so far acquired 28.90 per cent stake in Mindtree and the open offer, if fully subscribed, will take its shareholding in the IT company to about 60 per cent. The open offer is slated to commence on June 17 and close on June 28.

Source: Mint June 12, 2019 08:15 UTC