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Open offer route by L&T paved with uncertainty for warring parties: Experts

Promoters have around 20 days from the original open offer announcement to initiate this process

Larsen & Toubro
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Larsen & Toubro

Sudipto Dey
Any open offer by Larsen & Toubro (L&T) and a counter-offer by promoters in the ongoing battle for control of Mindtree may not be a smooth one for the warring parties, said legal experts.

In a significant majority of the cases, it has been found that no more than 15-16 per cent of shareholders tender into an open offer, noted Harsh Pais, partner, Trilegal.

“This could be a challenge if the deal is premised on acquisition of a larger stake through a tender offer, unless the price is very attractive,” Pais added.

While Securities and Exchange Board of India’s (Sebi’s)

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