Mindtree touched one month’s peak

The share of IT service provider Mindtree touched the peak of one month.

Significantly, MindTree has announced a meeting of its board of directors on March 20, in which the buyback offer of the company’s shares will be considered or backback. Explain that the knowledgeable person is assuming the step taken to stop buying stake in L & T Infotech, a subsidiary of Larsen & Toubro, a leading construction engineering company. 

According to reports, L & T Infotech is trying to buy shares in the IT company of VG Siddhartha, who is strategic investor of MindTree, of the Cafe Coffee Day Group. Through this, L & T’s attempt is to take control of MindTree. Earlier, the news came that L & T is very close to completing a deal with Siddharth to buy a 21% stake in MindTree.

This is probably the first time in India that a company is struggling with potential acquisition using buyback. According to experts, this move of MindTree will reduce the number of shares available with L & T as it increases the cost.

MindTree’s share in the BSE rose to Rs 968.55 on the upper level of Rs 968.55, with a rise of Rs 946.00 against the previous closing price of Rs 968.00, which is its peak for the past one month. At around 11 am, it is running at Rs 959.80 with an increase of Rs 13.80 or 1.46%. The company’s market capitalization at this price is Rs 15,761.26 crore. At the same time, its last 52-week peak is Rs 1,181.90 and the lower level is 741.00 rupees.

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