SME Times News Bureau | 20 Mar, 2019
IT services firm Mindtree's board on Wednesday deferred its decision on
the proposed buyback of shares to a later unspecified date.
"The
board considered the proposed buyback of equity shares of the company at
its meeting. Following detailed discussions, the meeting has been
adjourned to a future date," the city-based company said in a BSE
filing.
"No decision has been taken in relation to the proposed buyback of equity shares," the firm said.
The details of when the next board meeting will be held were not disclosed.
The
board meeting on Wednesday came in the backdrop of diversified
conglomerate Larsen and Toubro Ltd's (L&T) bid to take it over.
The
L&T on Monday bought a 20.4 per cent stake in Mindtree from Cafe
Coffee Day founder V.G. Siddhartha for about Rs 3,300 crore.
The company had said it would also buy additional stake in Mindtree through an open offer.