Shares of Mindtree rose over 1 percent on Monday Morning on stock exchanges after the company scheduled its board meeting on Wednesday, March 20, 2019 to consider a proposal of buyback of fully paid-up equity shares of company.

The Company’s last buyback was taken place in 2017. The move comes this time, amidst reports that Larsen & Toubro Infotech Limited is in final stages of launching a takeover effort by buying the shares of Mindtree’s strategic investor V G Siddhartha, of the Cafe Coffee Day Group.

The stock of MindTree hit an intraday high of Rs 969.95 and a low of Rs 953.20 so far during the day. At 11.20 am, MindTree quoted at Rs959 per share up by Rs11.60 or 1.22% on the NSE. In comparison, the benchmark Nifty reduced its early momentum at 11457.60 up 30 points and the Sensex at Rs38123.52 up by 99.20 points.

Mindtree Limited is a global IT company, delivering s business and technology solutions through global software development. It also delivers product-development services & designs reusable building blocks for high-tech companies.