After Larsen & Toubro (L&T) acquired a controlling stake in Mindtree, the focus has shifted to the founders of the mid-sized IT services firm.

The good response to L&T’s open offer has triggered speculation that the founders may look to sell their shares either in the ongoing offer or in the open market. The founders include Subroto Bagchi, N. S. Parthasarathy, Krishnakumar Natarajan and Rostow Ravanan, who together hold about 13 per cent.

In March, L&T had said it would buy a 20.32 per cent stake in Mindtree from V.G. Siddhartha and his coffee enterprise for over Rs 3,000 crore, marking India’s first hostile takeover bid in the IT segment. Since then, it had steadily increased its holding in the IT firm to around 30 per cent.

Its grip tightened further when Singapore-based Nalanda Capital sold its entire 10.61 per cent stake in the ongoing open offer as also Arohi Asset Management.

L&T is looking to buy an additional 31 per cent stake through the open offer. The open offer — at a price of Rs 980 per share — opened on June 17 and is slated to close on June 28. If the offer is subscribed fully, L&T will end up with a 66.32 per cent holding in Mindtree.

Data available from the stock exchanges showed that against L&T’s open offer for a little over 5.13 crore shares, 4.83 crore shares have been tendered. This accounts for around 29 per cent of Mindtree’s equity.

More than a week back, L&T bagged three board positions in Mindtree even as the Bangalore-based company announced that its co-founder Bagchi, who is set to retire by rotation at the annual general meeting next month, has not offered himself for re-appointment. That has set speculation that Bagchi may sell his stake in the company and that Ravanan is likely to resign as the CEO.

Mindtree shares settled 1.74 per cent lower at Rs 936.15 on the BSE on Wednesday.