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.

money, investment, shares, negotiations
Premium

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
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’

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 06 2020 | 9:05 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com