Mindtree stock rises 1% on buyback plan

The company said that its board will meet on March 20, to consider the proposal to buyback the fully paid-up equity shares of the company.

Mar 18, 2019 11:03 IST India Infoline News Service

MINDTREE
Shares of Mindtree rose 1% in the morning trade after the company said that its board will meet on March 20, to consider the proposal to buyback the fully paid-up equity shares of the company.

The announcement was made after market hours on Friday, March 15, 2019.

The announcement of a possible share repurchase has come after a media report said that L&T’s board giving the green signal to buy Café Coffee Day founder VG Siddhartha’s 20.41% stake in Mindtree.

Further, the report added that Mindtree had cash worth Rs162cr and investments worth Rs811cr, as of December 2018, which can be used for the potential buyback.

Mindtree Ltd is currently trading at Rs960, up by Rs14 or 1.48% from its previous closing of Rs946 on the BSE.

The scrip opened at Rs966 and has touched a high and low of Rs968.55 and Rs953.80 respectively.

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