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Mindtree co-founder Ashok Soota says share buyback will not avert L&T takeover

Updated : March 18, 2019 01:18 PM IST

Soota said that he does not see the buyback achieving much from founders' standpoint, adding that it looks only a part of the financial strategy. The share buyback proposal was for the company's founders and also promoters to be able to avert the takeover by L&T. 
The development comes as the company is going through a takeover war with its rival company Larsen and Toubro (L&T) and the founders have raised their voice against the rival's 'hostile takeover' of VG Siddhartha's shares in the company as Siddhartha looks to sell his stake.
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