Mindtree deal: Panel report on L&T's open offer likely to face delay

L&T has already reached the open offer trigger point, after taking its total holding in Mindtree to 25.93% on Thursday

The panel of independent directors set up by Mindtree is likely to delay in providing recommendations on L&T’s open offer, given that the latter is yet to get approval from the Securities and Exchange Board of India (Sebi).

People in the know said that L&T had received some queries from Sebi in the last week of April, following which the company submitted its replies on Friday. Without an approval, the Committee of Independent Directors (IDC) is unlikely to release its report before making it familiar with the details, said people close to the development. The deadline for giving recommendations ended on