Engineering major Larsen & Toubro (L&T) is behind schedule in the launch of its open offer for the shareholders of information technology company Mindtree.
It has already exceeded the timeline fixed under Securities and Exchange Board of India (Sebi) regulations in this regard. That rule says a company should launch an open offer within 55 days from the date of a public announcement. L&T, after an agreement to buy Cafe Coffee Day founder V G Siddhartha's stake, issued the public announcement on March 18. Its detailed public statement in that regard was on March 26 in newspapers.
“As the open offer is
