Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Mindtree shareholders approve Rs 20 per share special dividend; was proposed by IT firm promoters to celebrate revenue milestone
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Mindtree shareholders approve Rs 20 per share special dividend; was proposed by IT firm promoters to celebrate revenue milestone

Mindtree shareholders approve Rs 20 per share special dividend; was proposed by IT firm promoters to celebrate revenue milestone

press trust of india • July 17, 2019, 08:06:42 IST
Whatsapp Facebook Twitter

There were speculations that L&T, which acquired Mindtree in a hostile takeover, would oppose the proposal as it would strip over Rs 320 crore off the IT company’s books.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Mindtree shareholders approve Rs 20 per share special dividend; was proposed by IT firm promoters to celebrate revenue milestone

New Delhi: 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 percent (14.39 crore) votes were cast in favour, while 124 votes (0.01 percent) were against the proposal at the company’s 20th annual general meeting on Tuesday. At the end of June 2019, L&T had 60.06 percent stake, while founders held about 13.3 percent stake. Other proposals for payment of Rs 9 per share in interim dividend and Rs 4 per share as final dividend were also cleared with similar support. There were speculations that L&T, which acquired Mindtree in a hostile takeover, would oppose the proposal as it would strip over Rs 320 crore off the IT company’s books. [caption id=“attachment_6860991” align=“alignleft” width=“380”] ![Representational Image. Image Courtesy: Facebook/mindtreeltd ](https://images.firstpost.com/wp-content/uploads/2019/06/Mindtree_380.jpg) Representational Image. Image Courtesy: Facebook/mindtreeltd[/caption] Interestingly, post acquiring over 60 percent stake in Mindtree, L&T has—on multiple occasions—asserted that it will continue to operate the IT firm at an arm’s length from its own tech units. At the AGM pm Tuesday too, L&T sought to assuage investor concerns, saying it can provide further impetus to Mindtree’s growth by way of board-level oversight and relevant client connects. Addressing the shareholders of Mindtree for the first time after the takeover, L&T CEO and MD S N Subrahmanyan said the construction major plans to leverage its 360-degree relationship with clients for accelerated growth of Mindtree. Besides, the proposals to appoint L&T representatives—S N Subrahmanyan (L&T CEO and MD), Jayant Damodar Patil and Ramamurthi Shankar Raman as non-executive directors were also approved at the AGM. Also, Prasanna Rangacharya Mysore and Deepa Gopalan Wadhwa have been appointed as independent directors. The mid-sized IT firm is slated to announce its first-quarter results on Wednesday. In the March quarter, Mindtree had reported an 8.9 percent growth in consolidated net profit at Rs 198.4 crore for the March 2019 quarter.

Tags
MindTree NewTracker Larsen and Toubro S N Subrahmanyan Mindtree special dividend Mindtree 20 years Mindtree takeover L&T CEO Mindtree founders
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV