Mindtree to consider buyback of shares

Mid-tier IT firm said it would look at share buyback, and the proposal would be discussed at the board meeting to be held on June 28.

Chief executive of Mindtree, Rostow Ravanan in an interview with ET in March 2017 had said that the board has set up a committee to evaluate ways to boost shareholder value and "buyback is definitely one of the things we are considering".

The Bengaluru-based company in a filing informed the BSE that "a meeting of the Board of Directors of the Company will be held on June 28, 2017 to inter-alia, consider the proposal to buyback the fully paid-up equity shares of the Company. Further, pursuant to Company's Code for Prevention of Insider Trading, the Trading Window of the Company will be closed from June 26, 2017 to June 30, 2017 (both the days inclusive) for the Designated Persons and others".


With this, Mindtree joins the list of companies like TCS, Infosys, HCL, amongst others that have or are considering buyback to boost shareholder value.