Mindtree’s Board Approves Share Buyback Plan

Mindtree Limited has come up with a share buyback plan of equity shares worth Rs 270 crore. It will become the seventh IT company in India to announce share buyback plan.
The company’s board has approved buyback of up to 2.5% of total fully paid-up equity shares in the market up to Rs 43.2 lakh shares at Rs 625 per share, as reported by the company in a BSE filing. The buyback would be carried out via the tender offer route under the board approval route. Promoters of the company will have an option to participate in the buyback plan.
The company's board has also approved July 11, 2017, 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.
Earlier in the month of April, Tata Consultancy Services was the first Indian IT firm to reward shareholders with share buyback plan of Rs 16,000 crore. Other IT firms including Cognizant, Infosys, HCL Technologies Limited, Wipro, Mphasis and Hexaware Technologies had also announced the share buybacks.

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