Bengaluru, Mar 26 (IANS): Global software major Mindtree on Tuesday decided not to proceed with its proposal to buy back equity shares after infrastructure major Larson and Toubro (L&T) made an open offer to acquire 31 per cent of equity capital for Rs 3,050 crore.

"The company's board of directors at its meeting on March 26 has decided not to proceed with a buyback of equity shares of the company," said Mindtree in a regulatory filing on the BSE.

The board, however, invited views from the directors on the unsolicited offer made by L&T for the company's equity shares.

Earlier in the day, L&T offered to buy over 5.13 crore shares or 31 per cent of Mindtree's equity stake for Rs 5,030 crore at Rs 980 per share of Rs 10 face value.

"L&T has made an open offer to acquire 5,13,25,371 equity shares of Rs 10 face value, representing 31 per cent of the voting share capital from shareholders of Mindtree with an intention to take control of the target company," Mindtree said in an earlier filing on the BSE.

The offer opens on May 14 and closes on May 27.