HCL Technologies mulls share buy-back

IT major’s board to take call on July 12

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.