HCL Tech Announces Share Buyback Worth Rs. 4,000 Crore

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HCL Tech Announces Share Buyback Worth Rs. 4,000 Crore

The board of IT (information technology) major HCL Technologies on Thursday approved the buyback of up to 3,63,63,636 equity shares of Rs. 2 face value at Rs. 1,100 per share for about Rs. 4,000 crore. The buy-back size is “14.83 percent and 11.59 percent, of the fully paid-up equity share capital and free reserves (including securities premium account)”, the company said in a regulatory filing at the BSE.

On July 9, the company had informed the stock exchange that the board of directors would consider the buyback in its meeting on Thursday.

“The buy-back size (Rs. 4,000 crores) does not include any expenses for the buy-back, like filing fees payable to the Securities and Exchange Board of India (Sebi), advisors’ fees, public announcement publication expenses, printing and dispatch expenses, transaction costs,” the filing on Thursday said.

It added: “The buy-back is proposed to be made from the shareholders of the company on a proportionate basis, through the ‘tender offer’ route as prescribed under the Sebi (Buy Back of Securities) Regulations, 1998.”

HCL Tech Announces Share Buyback Worth Rs. 4,000 Crore. On Thursday, the share price of HCL Technologies closed 1.03 percent higher at Rs. 1,005.30, on the BSE.

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