Mindtree announces buyback of shares at Rs 625 per share
DSIJ Intelligence / 29 Jun 2017
The company announced that it will buyback up to 43.2 lakh shares or 2.5 per cent of the total shares at Rs 625 per share as per the information shared by the company on bourses.
In line with the industry trend, Mindtree Ltd has announced that it will buyback shares worth Rs 270 crore and reward its shareholders. Mindtree will be the seventh Indian IT company to do so. The company announced that it will buyback up to 43.2 lakh shares or 2.5 per cent of the total shares at Rs 625 per share as per the information shared by the company on bourses.
The buyback will be at a 18 percent premium to the Rs 532.2 per share which is the closing price of the share on Wednesday trading session. The buyback will be through a tender offer route.
IT companies in India have been sitting on huge pile of cash and there has been increasing pressure from shareholders to initiate steps that will reward shareholders. TCS, Infosys, Cognizant, HCL Technologies, Wipro, Mphasis and Hexaware are the IT companies that have either completed the buyback of shares or have announced the same.
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