After TCS, HCL Technologies to consider share buyback scheme on July 12

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

"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 Rs 160 billion share buy-back programme. It has offered to buy back shares at a premium of over 15 per cent, at Rs 2,100 a share.

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

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

The buyback size was Rs 35 billion, representing 16.39 and 13.62 per cent 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 March 31, 2016.

HCL Technologies stock closed at Rs 961.25, up 1.68 per cent, on BSE.