 "Mphasis logo")
IT firm Mphasis on Thursday said its board will meet on August 7 to consider a proposal for buyback of equity shares of the company.
"...the Board of Directors of the company, at its meeting scheduled to be held on...7 August 2018, at Bengaluru, would inter-alia be considering a proposal for buy-back of the equity shares of the company...," Mphasis said in a regulatory filing.
It, however, did not give out the details of the buyback.
The intimation to the stock exchange about the buyback came after market hours.
Last year, the company had completed buyback of 17.4 million shares with a total outlay of Rs 11.03 billion.
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IT companies have kept up the momentum on buybacks this year too. HCL Technologies has announced a Rs 40 billion buyback plan, involving up to 36.3 milion shares at a price of Rs 1,100 per equity share.
The largest software exporter TCS also announced a Rs 160 billion share buyback, second in as many years, as part of its long-term capital allocation policy of returning excess cash to the shareholders.
The shares of Mphasis closed 2.60 per cent lower on BSE at Rs 1175.10 a piece.
