Mindtree CEO Ravanan likely to quit after L&T picks majority stake: Report

Mindtree CEO Rostow Ravanan is likely to resign in a few weeks after infrastructure company Larsen and Toubro (L&T) acquired a majority stake in the IT company, sources said.

L&T started an unsolicited takeover for Mindtree Ltd. in March and has since then expanded its shareholding to a majority stake with large investors, like Nalanda Capital, selling their shares in the ongoing open offer.

Mindtree founders had resisted the bid and had tried rallying support from Singapore-based Nalanda and others. A source said Mindtree founders had supported Ravanan's continuation to ensure business continuity but given the developments over the past few weeks,