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HCL Tech Announces Share Buyback Worth Rs 4,000 Crore
According to an exchange filing by HCL Technologies on Thursday, it said that its board has accepted the proposal to buy back shares worth Rs 4,000 crore to reward its investors.
The information technology company will repurchase 3.6 crore shares (2.6 percent of total paid-up equity) at the price of Rs 1,100 per piece.
The buyback of Rs 4,000 crore makes up for 14.3 percent of the company's fully paid-up share capital and 11.53 percent of its free reserves. As per the filing, HCL Tech's cash and cash equivalents stood at Rs 6,375 crore as of 31 March 2018.
It is still not disclosed if HCL Tech's promoters (Shiv Nadar and his family) would be participating in the buyback.
The Shiv Nadar led company has offered a Rs 3,500 crore share buyback last year at a 17 percent premium of the then prevailing share price. The share price of HCL Technologies was up by 13 percent in the year 2018. On Friday morning, its share price fell by over 2 percent following the reaction to the announcement.
A month ago, India's largest information technology company Tata Consultancy Services (TCS) had declared a Rs 16,000 crore buyback programme with an offer of the buyback at 15 percent premium of its share price on June 15. Infosys had also announced a share buyback in November 2017.
