HCL Technologies shareholders approve Rs 40-bn share buyback offer

The buyback is part of the company's strategy to return more than 50% of the company's net income to the shareholders

IT services major HCL Technologies on Monday said its shareholders have approved a proposal to buyback shares worth Rs 40 billion (Rs 4,000 crore). 

In a BSE filing, HCL Technologies said 99.59 per cent shareholders had voted in favour of the proposal.

In July, HCL Technologies had announced a Rs 40 billion (Rs 4,000 crore) buyback programme for FY19 at a price of Rs 1,100 per equity share.

The buyback is part of the company's strategy to return more than 50 per cent of the company's net income to the shareholders.

In a separate filing, the company said it has launched HCL Turbo -- an artificial intelligence (Al)-based, end-to-end testing automation platform, aimed at communication service providers.