July 5, 2019 / 12:34 PM / 4 months ago

Mindtree top bosses exit days after L&T takes control

BENGALURU (Reuters) - Mindtree Ltd said on Friday its top bosses, including Chief Executive Officer Rostow Ravanan, have submitted their resignations to the board, days after conglomerate Larsen & Toubro Ltd (L&T) took a controlling stake.

Executive Chairman Krishnakumar Natarajan and Executive Vice-Chairman Parthasarathy NS have also stepped down from their posts, the company said.

All of them will stay on as board members until July 17.

L&T acquired a 60.06% stake in the Indian IT services company on Wednesday, and was categorised as a promoter.

The takeover came within months of Mindtree rejecting a hostile bid from L&T, saying that the plan was of no value for the company or its shareholders.

Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips

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