Mindtree board defers decision on buyback of shares

Bengaluru, March 20 (IANS) 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.
--IANS bha/pg/bg