Mindtree shareholders approve bonus shares, top brass rejig

NEW DELHI: Mid-sized IT firm Mindtree has got its shareholders' approval to issue bonus shares of Rs 10 each, credited as fully paid to existing holder of equity shares of the company.

The special resolution to issue bonus shares to equity shareholders of the company was passed as 99.99 per cent of cast votes, the company said in a BSE filing today.

According to the statement, the shareholders also passed ordinary resolution to appoint Krishnakumar Natarajan as Executive Chairman and Rostow Ravanan as CEO & Managing Director, with majority votes.

Natarajan's tenure will be from April 1 to June 30, 2017 while Ravanan will assume charge from April 1 and continue till March 31, 2021.

Earlier, the company has announced reshuffle in its management structure at the top level by elevating its CEO and Managing Director Krishnakumar Natarajan as the Executive Chairman, following the stepping down of co-founder Subroto Bagchi.

Executive Director and Head Enterprise Service Lines Ravanan will replace Natarajan to become CEO and Managing Director.

Ravanan, 44, has been serving as the Head for Europe, Service Lines and Key Accounts since April 2014. He was previously the Chief Financial Officer of Mindtree.