HCL Technologies to consider share buy-back on 12 July1 min read . Updated: 09 Jul 2018, 06:42 PM IST
HCL Technologies' board of directors to meet on 12 July to consider a proposal for buy-back of equity shares
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, July 12, 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 Rs16,000 crore share buy-back programme. It has offered to buy-back shares at a premium of over 15%, at Rs2,100 a share.
Details of HCL Technologies share buy-back are expected to be firmed up on 12 July when its board will meet to discuss the proposal. It had last year offered buy-back of shares at Rs1,000 apiece, a 17% premium over its prevailing trading price at that time.
The buy-back size was Rs3,500 crore, representing 16.39% and 13.62% 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 Rs961.25, up 1.68%, on BSE.