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Coronavirus: Promoters of mid-tier IT firms increase stake as shares crash

Bengaluru-headquartered IT firm Mindtree witnessed its promoter L&T Group buying 0.4 per cent stake in the company through open market operations for around Rs 58 crore during this period.

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Blackstone, private equity investor and majority stakeholder of Mphasis, raised its stake by 4 per cent in the Bengaluru-headquartered firm by buying 7.48 million shares for around Rs 525 crore during March 17-20.

Debasis Mohapatra Bengaluru

3 min read Last Updated : Apr 07 2020 | 2:45 AM IST

As stocks of IT services firms took a hit over the past fortnight owing to the Covid-19 pandemic, promoters of some mid-tier companies bought back shares to increase their stakes.

Bengaluru-headquartered IT firm Mindtree witnessed its promoter L&T Group buying 0.4 per cent stake in the company through open market operations for around Rs 58 crore during this period. The share price of Mindtree has fallen 22.78 per cent over the past month to close at Rs 699 apiece on the NSE on Friday. The markets were closed on Monday on the occasion of Mahavir Jayanti.

Similarly, Pune-based Zensar Technologies’

Topics : Coronavirus Indian IT firms India Inc shares buyback Share buybacks

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