HCL Tech board approves ~Rs4,000cr share buy-back

The approval is for buy-back of up to 3.64 fully paid-up equity shares of face value Rs2 each at a price of Rs1,100 per equity share.

Jul 12, 2018 02:07 IST India Infoline News Service

HCL Technologies has approved a share buy-back of nearly 3.64cr at a price of Rs1,100, the company informed the exchanges in a filing late on Thursday evening.

“The Board of Directors of the company, at a meeting held on Thursday, July 12, 2018, has approved the buy-back of up to 3,63,63,636 fully paid-up equity shares of face value Rs2 each at a price of Rs1,100 per equity share payable in cash for an aggregate amount not exceeding Rs4,000cr, which is 14.83% and 11.59% of the fully paid-up equity share capital and free reserves as on March 31, 2018,” the company said in the statement.

This represents 2.61% of the fully paid-up equity shares of the company outstanding as on March 31, 2018. 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 SEBI.

“The buy-back is subject to the approval of the shareholders by way of a special resolution through Postal Ballot and all other approvals as may be required,” the statement clarified.

HCL Technologies share price ended at Rs1,005.30, up Rs10.25, or 1.03%, from its previous close of Rs995.05 on the BSE.

The scrip opened at Rs1,005.05 and has touched a high and low of Rs1,019.70 and Rs1,000, respectively. A total 53,49,019 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,39,978.65cr.

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