Mindtree defers decision on share buyback amid L and T takeover bid

The board of Mindtree Ltd, which is facing Rs 10,800-crore hostile takeover bid from L&T, Wednesday did not take any decision on proposed buyback of shares. Promoters of the Bengaluru-based IT firm have opposed the takeover bid.
Mindtree defers decision on share buyback amid L and T takeover bid

New Delhi

In a filing to the stock exchanges, Mindtree said its board on Wednesday considered a share buyback proposal. “Following detailed discussions, the meeting has been adjourned to a future date. No decision has been taken in relation to the proposed buyback of equity shares,” the filing said. On Monday, diversified conglomerate Larsen and Toubro Ltd made an offer to buy up to 66% stake in Mindtree for around Rs 10,800 crore.

L&T has entered into a deal to buy Cafe Coffee Day owner VG Siddhartha’s 20.32% stake in Mindtree and has also placed an order with brokers to pick up another 15% of the company shares from the open market. Further, the group would make an open offer to buy additional 31% stake in Mindtree.

Related Stories

No stories found.