Mindtree board on Tuesday has decided not to proceed with a buyback of equity shares of the company hours after L&T posted its open offer to buy Mindtree shares. The Mindtree board has invited views from the directors on the unsolicited offer made by L&T for the equity shares of the Company, Mindtree said in a statement to BSE.

"After detailed deliberation and discussion, the board, at its meeting today, decided to immediately constitute the Committee of Independent Directors (IDC) in the interest of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T for the consideration of the shareholders," the statement said. All the Independent Directors will be Members of the IDC, and the IDC has elected Apurva Purohit, Lead Independent Director, as the Chairperson of the IDC and spokesperson.

The IDC will consider and evaluate all aspects of the unsolicited offer, taking into account all relevant facts, circumstances, data related to the company and industry and the interests of all stakeholders involved. Mindtree may still consider a counter open offer to foil L&T's bid to acquire the company. However, nothing in this regard was stated by the board.

Meanwhile, L&T has appointed Axis Bank and Citigroup Global are managers to its open offer to buy Mindtree shares at Rs 980 a piece. The issue will open on May 14 and close on May 27. L&T will acquire 5.13 crore equity shares of Mindtree for a total consideration of Rs 5,030 crore.

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