After TCS, now HCL Technologies to consider proposal for share buy-back on 12 July

New Delhi: HCL Technologies said on Monday that it will consider share buy-back on 12 July.

"The Board of Directors of the Company is scheduled to be held on Thursday, 12 July 2018, to consider a proposal for buy-back of equity shares of the company," HCL Technologies said in a BSE filing.

The announcement comes within a month of TCS, the country's largest software exporter, declaring a Rs 16,000 crore share buy-back programme. It has offered to buy back shares at a premium of over 15 percent, at Rs 2,100 a share.

Details of HCL Technologies share buyback are expected to be firmed up on 12 July when its board will meet to discuss the proposal.

 After TCS, now HCL Technologies to consider proposal for share buy-back on 12 July

HCL Tech's Noida office. Reuters.

It had last year offered buy-back of shares at Rs 1,000 apiece, a 17 percent premium over its prevailing trading price at that time.

The buyback size was Rs 3,500 crore, representing 16.39 and 13.62 percent of the aggregate of the fully paid-up equity share capital and free reserves as per the standalone and consolidated audited accounts of the company for the financial year ended 31 March 2016.

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

Updated Date: Jul 10, 2018 08:15:56 IST