Mindtree Board defers decision on share buyback; to meet on March 26

The adjourned Board meeting is scheduled to be held on Tuesday, March 26, 2019

Mar 22, 2019 02:03 IST India Infoline News Service

Mindtree Limited
Mindtree Board, that strongly opposed hostile takeover by Larsen & Toubro (L&T), deferred the decision on share buyback and decided the meet on March 26.

"Following detailed discussions in its meeting on March 20, the Board adjourned meeting to a future date. No decision has been taken in relation to the proposed buyback of equity shares," the company said in a press note after markets hours to exchanges on Wednesday.

"The adjourned Board Meeting is scheduled to be held on Tuesday, March 26, 2019," the company said in a press note on Thursday.

Mindtree founders were considering the share buyback to prevent any hostile takeover of the company. Since L&T has already announced the open offer, Securities and Exchange Board of India (Sebi) regulations preclude Mindtree from buying back its shares now.

On Monday, L&T acquired 20.32% stake in Mindtree for Rs3,269cr from the Cafe Coffee day founder VG Siddhartha.

Mindtree Ltd's share price ended at Rs950 on Wednesday, up by Rs7 or 0.74%, from its previous close of Rs943 on the BSE.
The scrip opened at Rs944.35 and touched a high and low of Rs965.80 and Rs944.35, respectively. A total of, 33,24,017 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs15,600.33cr.

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