Engineering major Larsen & Toubro (L&T) is slated to mount an open offer to acquire a 31% stake in Bengaluru-based Mindtree, in one of the most high-profile takeover bids in the domestic software services sector in recent times.
The open offer, which was scheduled to begin on May 14, has been delayed due to regulatory hurdles. Ahead of the open offer, Mumbai-based L&T has been busy buying Mindtree shares on the open market. It already owns a fourth of Mindtree, including the 20.32% stake that it acquired from Cafe Coffee Day promoter VG Siddhartha.
As Mindtree’s founders prepare for the imminent open offer, CEO and managing director Rostow Ravanan spoke to TechCircle about the company’s journey up until now, some important milestones in that journey and the culture that sets it apart from peers.