Home / Companies / News /  Mindtree submits applications for reclassification of promoters to public

BENGALURU : Mindtree Ltd has submitted the applications seeking reclassification of the ‘promoters and promoter group’ to BSE Ltd and National Stock Exchange of India Ltd, it said in a regulatoryfiling on Tuesday.

In July 2019, Mindtree founders had requested the board to drop their promoter tag after Larsen & Toubro (L&T) Ltd acquired over 60% stake in the company which the founders termed it as “hostile takeover".

According to the exchange filing, Mindtree has submitted applications for reclassification of the ‘promoter and promoter group’ category to ‘public’ category from – Krishnakumar Natarajan and family; Rostow Ravanan and family; N.S. Parthasarathy and family; Subroto Bagchi and family; LSO Investment Pvt. Ltd.; Kamran Ozair; and Scott Staples.

As per the filings, Natarajan and persons related to him hold about 5% stake in the company while Bagchi and family owns about 4.5% equity. Ravanan holds around 0.67% and Parthasarathy holds 1.3% in Mindtree.

The founders, mostly ex-Wipro employees, started Mindtree in 1999 as an IT services company. After years of playing in the mid-sized segment, the company joined the billion dollar revenue club in FY19.

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