BENGALURU: Mindtree, which is facing a hostile takeover from Larsen & Toubro (L&T), said it would reconvene its board meeting on March 26, the day when the engineering conglomerate is set to share details of its open offer with shareholders of the mid-tier IT services company. Mindtree board met on Wednesday but deferred a decision on a share buyback, citing commercial and legal issues . But since L&T has already announced the open offer, Securities and Exchange Board of India (Sebi) regulations prevent Mindtree from buying back its shares now. On Monday, L&T bought a 20.3% stake in Mindtree from long-term investor VG Siddhartha for Rs 3,269 crore. It is expected to spend another Rs 7,464 crore to increase its stake to 66.6% through a combination of an open offer and buying shares in the open market.

Source: Economic Times March 21, 2019 18:22 UTC