IT firm Mindtree at $1B revenue mark, to pay Rs 430 crore in dividends

Mid-tier IT firm MindtreeNSE 0.37 % recommended a payout of over Rs 430 crore in total dividend to its shareholders on Wednesday, representing nearly half of its cash and investments, at a time when engineering conglomerate Larsen & Toubro has made a hostile bid for the company, including an open offer that starts next month.

The Bengaluru-based company’s board announced Rs 20 in special dividend to mark its $1 billion revenue milestone. It has also recommended a further Rs 3 interim and Rs 4 final dividend, which are subject to shareholder approval at the company’s annual general body meeting in July.