Mindtree dips 1% as share buyback deferred

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26 Aug, 2025 12:21

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Mindtree shares declined 1.5 percent intraday on Friday after the company deferred its share buyback proposal.

The stock was quoting at Rs 940.00, down Rs 10.00, or 1.05 percent on the BSE, at 13:46 hours IST.

The midcap IT firm said the board considered the proposed buyback of equity shares of the company at its meeting held on March 20, 2019, but following detailed discussions, the meeting has been adjourned to a future date.

"No decision has been taken in relation to the proposed buyback of equity shares," it added.

In a fresh filing, on March 21, Mindtree informed exchanges that the adjourned board meeting is scheduled to be held on March 26, 2019.

Meanwhile, on Monday, diversified L&T entered into a deal to buy Cafe Coffee Day owner V G Siddhartha's 20.32 percent stake in Mindtree and has also placed an order with brokers to pick up another 15 percent of the company shares from the open market. Further, the group would make an open offer to buy additional 31 percent stake in Mindtree.

Siddhartha was a director of Mindtree since 1999 and resigned in March 2018. He and Cafe Coffee Day group firms have 20.32 percent stake in Mindtree and that shareholding is to be acquired by L&T.