India Promoters Mindtree Tender

According to the promoters of Mindtree a global technology services and Digital transformation company they would unconditionally oppose the reported hostile takeover bid by Larsen and Toubro Ltd.A statement was issued by the promoters which includes Krishnakumar Natarajan executive chairman Subroto Bagchi co-founder Rostow Ravanan CEO and Parthasarathy N.S. executive vice chairman and COO.As per the issued statement The attempted hostile takeover bid of Mindtree by Larsen Toubro is a grave threat to the unique organization we have collectively built over 20 years. Since we started the company in 1999 we have built a rock-solid organization that outperforms its peers in IT services differentiates and innovates through digital and consistently delivers strong financial results and favorable returns to our shareholders. Weve also carefully created a differentiated corporate culture made up of our amazing Mindtree Minds which reached the 20000 milestone this year. A hostile takeover by Larsen Toubro unprecedented in our industry could undo all of the progress weve made and immensely set our organization back. We dont see any strategic advantage in the transaction and strongly believe that the transaction will be value destructive for all shareholders. Our collective success depends on building and nurturing relationships with our clients and partners. This unexplainable transaction will bring disruption to those relationships and impair Mindtrees ability to differentiate itself in the market and continue to deliver client value and great shareholder return. We believe that culture needs to be carefully created and nurtured over time and cant be bought and sold like any asset.We remain 100 percent committed to our long-term vision of building an independent company. We believe its in the best interests of our shareholders Mindtree Minds and our organization overall to continue opposing this takeover attempt. In addition there has been a large outpouring of sentiment from Mindtree Minds online at MindtreeMatters expressing their strong desire to retain our culture and our independence. In the meantime while this situation unfolds Mindtree will continue to be laser focused on continuing the stellar work for our clients and delivering great value to them.- Krishnakumar Natarajan Subroto Bagchi Parthasarathy N.S. and Rostow Ravanan.