In a filing to stock market supervisor CNMV after a board meeting on Monday, Indra said it wanted to "restore the corporate governance structure, including, among others, the appointment of an independent vice-chairman and lead independent director."

Indra, which is 25.2% owned by state holding company SEPI, removed five of its eight independent board members last Thursday after shareholders agreed to a proposal from activist fund Amber Capital to reshuffle the board. Its shares plunged 15% the next day. [L8N2YE1PY]

Two more board members resigned since then, although one will stay at the company until new independent members are selected, Indra said on Tuesday.

The government's bigger role in the company comes ahead of the rollout of a jet fighter programme, and as Spain looks to increase defence spending in the wake of Russia's invasion of Ukraine.

Spanish law forces shareholders that coordinate and control more than 30% of a listed company to launch a tender offer to buy all the outstanding shares of the company.

SEPI and Amber Capital together hold more than 30% in Indra.

Broker Renta 4 has said the board overhaul appeared to involve coordinated action, and CNMV head Rodrigo Buenaventura told a financial event in Bilbao on Tuesday it was looking into the changes, after describing them on Friday as "worrisome".

He added the supervisor would not talk about potential concerted action until a thorough analysis had been completed.

SEPI and Amber were not immediately available to comment.

The process to select new board members - making sure half of them are independent and preferably women - will be led by the remaining independent members, advised by a specialist consulting firm, Indra said.

(Reporting by Emma Pinedo; Additional reporting by Jesús Aguado; Editing by Inti Landauro and Mark Potter)