Mindtree defers decision on buyback amid L&T’s bid

The Mindtree board has deferred a decision on the buyback plan following a division among members on whether the company should bring in a white knight to stall L&T’s takeover bid or go ahead with its stated plan.

In a filing to stock exchanges, the company said that it considered the proposed buyback and following detailed discussions the meeting was adjourned to a future date. It did not give further details on the date. However, it added that no decision was taken in relation to the proposed buyback of equity shares. Mindtree, which is in the midst of a hostile takeover battle by L&T, had convened a board meeting to counter the L&T’s move.