HCL Technologies declares Rs 3,500-crore share buyback; stock marginally up

HCL Technologies Ltd, India's fourth largest software services firm, announced it will buy back shares at Rs 1,000 a piece which stands at a 17 per cent premium over Wednesday's closing price and over 16 per cent premium if we considered the current market price of the share.

HCL Tech has proposed an offer to buy back equity shares for cash at a price of Rs 1,000 per share on a proportionate basis via tender offer process. The buyback size will be Rs 3,500 crore which represents 16.39 per cent of the aggregate of the fully paid-up equity share capital.

The company in its regulatory filing said that the record date will be May 25 for the offer which will be made to equity shareholders of the company. Buyback opening and the closing date is not yet announced.

HCL Technologies Ltd is trading at Rs 856.40 per share, up from Rs 1.55 per share or 0.18 per cent.