According to a source, the founders, which include Subroto Bagchi, N S Parthasarathy and Krishnakumar Natarajan (who together hold about 13 per cent), may look at selling their shares as well in the open offer that concludes on June 28.
With this rejig, Mindtree's board will now have 12 board members from eight.
Reports had suggested that the construction major had asked Ravanan to step down as the new owners were preparing the grounds for a top management overhaul at the Bengaluru-based company.
L&T -- which has two subsidiaries L&T Infotech and L&T Technology Services -- is keen to bring Mindtree under its fold to exponentially raise its client base and product offering.
Chatterjee said the compNY is not aware of any major client concerns at this point.
The move comes at a time when the traditional software maintenance and support works, once the bread and butter for export-driven IT services business, are slowly drying up.
To increase local talent mix in the US like their major peer Infosys
The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a "grave threat" and "value destructive" to the organisation collectively built over 20 years, the promoters said pledging to "unconditionally oppose" the hostile takeover attempt.
Analysts are of the opinion that given the change in the business model, which is resulting in smaller deals spreading across the whole year, clients may be already renegotiating prices.
'There is large-scale sacking, and salaries in smaller companies are lower than the minimum wages of Rs 18,000 a month.'
The issue arose after TCS dismissed hundreds of employees in January 2015, leading to the formation of the IT Employees Wing supported by the NDLF.
Coming from a family that has a 140-year history of growing coffee, Siddhartha, 59, initially dabbled in stock trading and wanted to work as an investment banker in Mumbai after completing his Master's in Economics from Mangalore University.
IT stocks have dropped about 3 per cent in the days since the Donald Trump administration took first steps toward visa reform and all of India's highest-profile technology tycoons have seen their net worth eroded. Saritha Rai reports.
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