Mindtree shareholders approve Rs 20/share special dividend for FY19

Shareholders of Mindtree, including the new promoter Larsen and Toubro (L&T), Tuesday approved proposal for a special dividend of Rs 20 per share for FY2019.

The special dividend, which is expected to have an outgo of about Rs 328 crore from the books, was proposed by the previous promoters of Mindtree to celebrate the twin achievements of exceeding $1 billion annual revenue milestone and 20th anniversary of the company.

According to a regulatory filing by Mindtree, 99.99 per cent (14.39 crore) votes were cast in favour, while 124 votes (0.01 per cent) were against of the proposal at the company’s 20th annual general meeting on Tuesday.

At the end of June 2019, L&T had 60.06 per cent stake, while founders held about 13.3 per cent stake.