HCL Technologies' Rs 4,000 cr buyback offer to commence on 18 September, will close on 3 October

New Delhi: IT services firm HCL Technologies on Tuesday said its Rs 4,000 crore buyback offer will commence on 18 September. The company’s shareholders had last month approved the buyback proposal. [caption id=“attachment_2475810” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The date for opening of the buyback has been set for 18 September and will close on 3 October, HCL Technologies said in a BSE filing. “…in accordance with the SEBI (Buy Back of Securities) Regulations, 1998, the Company has, on 10 September, 2018, completed the dispatch of the letter of offer dated 7 September, 2018 for the buyback to all the equity shareholders/ beneficial owners of the equity shares as on the record date being 31 August, 2018,” it added. In July, HCL Technologies had announced the buyback programme for FY19 at Rs 1,100 per share. The buyback offer – for up to 3,63,63,636 fully paid up equity shares – is part of HCL Technologies’ strategy to return more than 50 percent of its net income to its shareholders.