Mindtree founders drop promoter tag as firm reclassifies them as 'public'

Founders had requested for the reclassification in July last year after L&T took over the Bengaluru-based firm

Founders of mid-tier IT services firm Mindtree have been reclassified as 'public' and have given up the 'promoter and promoter group' tag as the L&T group firm's board formally approved the recategorisation on Wednesday.

In July 2019, Mindtree founders Krishnakumar Natarajan, Rostow Ravanan, N S Parthasarathy and Subroto Bagchi had requested the Mindtree board to drop the promoter tag after L&T acquired a majority stake in the Bengaluru-based firm in a hostile bid.

The Mindtree board hadn't acted on the request then, as the combined shareholding of the founders and their family members was more than 10 per cent -