HCL Technologies mulls share buy-back

IT major’s board to take call on July 12

July 09, 2018 09:09 pm | Updated 09:16 pm IST

People walk in front of the HCL Technologies Ltd office at Noida, on the outskirts of New Delhi April 17, 2013. HCL Technologies Ltd, India's fourth-biggest software services provider, beat analysts' estimates with a 73 percent rise in quarterly profit after winning orders and reducing staff for the second quarter in a row. REUTERS/Mansi Thapliyal (INDIA - Tags: BUSINESS SCIENCE TECHNOLOGY)

People walk in front of the HCL Technologies Ltd office at Noida, on the outskirts of New Delhi April 17, 2013. HCL Technologies Ltd, India's fourth-biggest software services provider, beat analysts' estimates with a 73 percent rise in quarterly profit after winning orders and reducing staff for the second quarter in a row. REUTERS/Mansi Thapliyal (INDIA - Tags: BUSINESS SCIENCE TECHNOLOGY)

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

“[A meeting of] 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.

TCS buy-back

The announcement comes within a month of TCS, the country’s largest software exporter, declaring a ₹16,000 crore share buy-back programme.

It had offered to buy back shares at a premium of more than 15% at ₹ 2,100 a share.

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

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

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