Meet the promoters who are holding fort amid 'hostile takeover' bid of Mindtree

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Mindtree co-founder Subroto Bagchi on March 17 resigned as the head of Odisha Skill Development Authority to "save" the Bengaluru-based firm from a potential hostile takeover.

Media reports indicate that L&T is planning a hostile takeover of Mindtree by buying the 20.4 percent stake of Café Coffee Day founder VG Siddhartha.

The ultimate objective of the promoters is to buy Mindtree shares from Siddhartha to prevent a hostile takeover by an outsider.

Bagchi co-founded Mindtree in 1999 along with  Ashok Soota, Namakal Parthasarathy, Krishnakumar Natarajan and Scott Staples.

Bagchi, Parthasarathy, Natarajan, and Mindtree chief executive officer Rostow Ravanan are part of a promoter group that owns about 13 percent of the company.

Natarajan, Parthasarathy, Ravanan and Bagchi hold stakes of 3.72 percent, 1.43 percent, 0.71 percent and 3.1 percent, respectively.

Parthasarathy and Natarajan held crucial positions at Wipro before establishing Mindtree. Bagchi, too, had stints at Wipro and Lucent Technologies.

Also read: How investors should play the race for Mindtree

Ravanan also worked at Lucent Technologies before joining Mindtree.

Ravanan was chief financial officer of the company before he became CEO and Managing Director in 2016, replacing Natarajan. He led Mindtree's initial public offering (IPO) in February 2007.

Natarajan was CEO and Managing Director of the company until 2016, and is currently Executive Chairman. He is also a former chairman of NASSCOM, the Indian IT industry's lobby.

Bagchi, currently a non-executive director at Mindtree, was the company's Executive Chairman from 2012-2016. He stepped down in 2016 and began working at Odisha Skill Development Authority.

Parthasarathy is currently the company’s Executive Vice Chairman and COO. He also heads the company's business in the Asia-Pacific region.