L&T has acquired Cafe Coffee Day-owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent shares from the open market.
Chatterjee said the compNY is not aware of any major client concerns at this point.
The Reserve Bank on Friday said FII investment in MindTree has reached the trigger limit under portfolio investment scheme and purchase of further equity shares of company will require its approval.
IT stocks dropped in morning trade on Monday, with Tech Mahindra tumbling over 6 per cent, amid concerns over the steep hike in US H-1B visa fees. Shares of Tech Mahindra tumbled 6.45 per cent, LTI Mindtree slumped 5.61 per cent, Persistent Systems dropped 5.51 per cent, Hexaware Technologies tanked 5.14 per cent and HCL Tech fell by 4.24 per cent on the BSE.
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.
The open offer is slated to commence on June 17 and close on June 28
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.
Albert Hieronimus tells Bibhu Ranjan Mishra and Pradeesh Chandran, he is optimistic.
Debashis Chatterjee speaks about the overall demand environment and company's strategy
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Fuelled by the $57.8-billion merger of HDFC twins (HDFC Ltd and HDFC Bank), M&A (merger and acquisition) transactions in India touched a record high of $124.2 billion in the first half of 2022-23. Bankers said with several transactions, including the government's stake sale in IDBI Bank and Hindustan Zinc in the pipeline, the ongoing financial year will end up as the best year for M&A activity in the country. Apart from the HDFC transaction, the $6.5-billion acquisition of Holcim stake by the Adani family and L&T's $3.2-billion acquisition of Mindtree added to the record transactions in the first half of FY23.
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.
Investors added more than Rs 10.56 lakh crore to their wealth as markets continued their rally for the sixth straight session on Thursday. The BSE Sensex went past 61,000-mark for the first time ever on Thursday. It jumped 568.90 points or 0.94 per cent to its new closing peak of 61,305.95.
Attributing the delay in debt servicing to a liquidity crisis, the company said its total indebtedness was Rs 518 crore.
Mindtree Ltd's co-founder and author of recently published book The Professional, Subroto Bagchi, talks about how to manage one's career during economic slowdowns and how to become a successful professional.
Leading industrialists met with Prime Minister Manmohan Singh (not in picture) in New Delhi on Thursday to discuss the general state of the Indian economy and other industry-related matters.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The mid-cap index fell while small-cap advanced.
The auditor will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department.
Siddhartha alleged in his letter that there was a lot of harassment from the previous DG Income Tax in the form of attaching "our shares on two separate occasions to block our Mindtree deal and then taking possession of our Coffee Day shares, although revised returns have been filed by us".
Happiest Minds expects revenue to touch $100 mn in 3 years, the fastest in India's tech services sector.
It has been also revealed that V G Siddhartha had written a letter to the Board of Directors and employees of Coffee Day Enterprises, saying he had 'failed as an entrepreneur'.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The purported letter, which is believed to be the final note by the late promoter and widely circulated on social media, contained statements alleging harassment on VG Siddhartha by the Income Tax department.
Gaurav Garg, Head of Research, CapitalVia answers readers' stock market queries.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
With rate cut expectations running high ahead of RBI meet this week, risk appetite improved especially in rate sensitive stocks
Small- and mid-cap stocks continued facing selling pressure due to stretched valuations.
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
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