Toubro - Latest News Update, Information, Photos & Videos on Toubro at Lokmat Times

"Chairman Natarajan, Chief Operating Officer Parthasarathy and Chief Executive Ravanan have submitted resignations from the board of directors and as employees with effect from July 17 to ensure smooth transition," said the city-based firm in a statement here.In a regulatory filing on Wednesday, Mindtree said the Mumbai-based Larson and Toubro (L&T) Ltd had acquired its control with 60.06 per cent equity stake and was categorised as the promoter."The co-founders have asked the company to de-classify them as promoters along with the other founders, after their employment contracts lapse on July 17, for the transition," said the statement.The 20-year-old company will announce a new leadership team in due course."L&T held 9.87 crore equity shares in Mindtree as on July 2 following its recently-concluded open offer," said the filing.L&T on Tuesday said it paid to investors who sold their shares to in the open offer that closed on June 28.It had set its eyes on taking over Mindtree in a hostile bid after it purchased 20.32 per cent stake of The Coffee Day founder V.G. Siddhartha for Rs 3,300 crore on March 18, increased its holding with more shares from the open market and an open offer on May 14 for an additional 31 per cent stake for Rs 5,030 crore at Rs 980 per share of Rs 10 face value to have full control over it."The object and purpose of acquiring a controlling stake in Mindtree is aligned with our strategy to grow the revenue and profit of asset light services, business portfolio, thereby increasing the consolidated return on equity and diversifying the group revenue and profit into the IT services areas," L&T had said in a statement earlier.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

ToubroFOLLOW

Toubro, Latest News

Business :L&T signs ship repairing agreement with US Navy

Mumbai (Maharashtra) [India], July 11 : Larsen and Toubro's Kattupalli Shipyard near Chennai has qualified for the Master Shipyard ... ...

Business :L&T wins major contracts for its hydrocarbon business

Mumbai (Maharashtra) [India], March 21 : Larsen and Toubro on Tuesday said its hydrocarbon business (LTEH) secured multiple offshore ... ...

Aurangabad :SAVWIPL shines at the CII World Environment Day competition

Aurangabad, July 28: Skoda Auto Volkswagen India Private Limited (SAVWIPL) performed spectacularly at the World Environment Day 2021 competitions ... ...

Politics :Nripendra Mishra in Ayodhya to discuss final stages of Ram temple

Ayodhya, Jan 21 Ram Janmabhoomi Construction Committee head Nripendra Mishra arrived in Ayodhya on Thursday to attend a two-day ... ...

Business :Sensex reclaims 41,000 level, Nifty at over 12,000 pts

The benchmark equity index, Sensex, on Wednesday gained over 300 points, reclaiming the 41,000 level. The broader Nifty also topped the 12,000 mark at noon. ...

Business :3 Mindtree co-founders quit after L&T buys controlling stake

Mindtree co-founders Krishnakumar Natarajan, N.S. Parthasarathy and Rostow Ravanan resigned on Friday, two days after infrastructure construction behemoth L&T acquired controlling stake in the global IT services firm. ...