New Delhi: HCL Technologies on Tuesday said its ₹ 4,000 crore buyback offer will commence on September 18. The company’s shareholders had last month approved the buyback proposal.
The buyback will open on September 18 and close on October 3, HCL Technologies said in a BSE filing. “...in accordance with the SEBI (Buy Back of Securities) Regulations, 1998, the Company has, on September 10, 2018, completed the dispatch of the letter of offer dated September 7, 2018 for the buyback to all equity shareholders/ beneficial owners of equity shares as on the record date being August 31, 2018,” it added.
In July, HCL Technologies had announced the buyback programme for 2018-19 at ₹ 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% of its net income to shareholders.
