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.
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, he is expected to step down.
E-mails sent to Mindtree weren’t answered. Another source said Mindtree founders Subroto Bagchi, NS Parthasarathy and Krishnakumar Natarajan, who together hold about 13 per cent in the company, may look at selling their shares as well in the open offer that concludes on June 28.
L&T recently secured three board positions at Mindtree that has eight members on the board (of which four were independent directors). Mindtree co-founder Bagchi did not offer being considered for re-appointment to the board.