Employees work at a technology company office in Gurugram. (Photographer: Prashanth Vishwanathan/Bloomberg)

HCL Technologies To Consider Share Buyback On July 12

HCL Technologies today said its board is scheduled meet on July 12 to consider a proposal for buyback of equity shares.

The announcement comes within a month of Tata Consultancy Services Ltd., the country’s largest software exporter, declaring a Rs 16,000-crore share buyback programme. It has offered to buyback shares at a premium of over 15 percent at Rs 2,100 apiece.

Details of HCL Technologies’ share buyback are expected to be firmed up on July 12 at its board meet.

The IT-services provider offered buyback of shares at Rs 1,000 apiece last year, a 17 percent premium over its prevailing trading price at that time.

The buyback size was Rs 3,500 crore, representing 16.4 percent and 13.6 percent of the aggregate of the fully paid-up equity share capital and free reserves according to standalone and consolidated audited accounts of the company for the financial year ended March 31, 2016.

HCL Technologies stock closed at Rs 961.25, up 1.68 percent, on the BSE.

Also read: SEBI Revises IPO Timeline, Share Buyback Regulations