Mindtree’s Approves Share Buyback Plan

Mindtree will become the 7th It company in India to announce share buyback plan. A Tata Consultancy service was the 1st Indian IT firm to reward shareholders with a share buyback plan of Rs 16,000 Cr. After Tata other firms like Cognizant, HCL, Infosys, Wipro, Hexaware Technologies and Mphasis had also announced the share buybacks.

The Mindtree company’s board has decided to approve on 11July 2107 to be the record date for determining the entitlement and the names of the equity shareholders, to whom the letter of offer will be sent and will be eligible to participate in the buyback, and in BSE filling the company reported the board approved buyback of up to 2.5% of total paid-up equity shares in the market up to Rs 43.2lakh at Rs 625/share.

The process of buyback would be carried out by the tender offer route under the board approval route and promoters of the company will have an option to participate in the buyback plan.

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