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After Tata Consultancy Services (TCS), HCL Technologies, the fourth largest IT services company in India, also announced a share buyback program. The Noida – based company announced Thursday that it has received approval from its board of directors to buy up to 36.3 million shares worth 40 billion rupees.
The repurchase price of 1,100 rupees per share is about 9 percent premium on its current price of 1,010 Rs at the NSE at the close of the trading session on Thursday. Currently, the participation of promoters in the company is 60%. "The board approved the repurchase of 36.3 million shares of the company representing 2.61% of the fully paid up shares at a price of 1,100 rupees per share payable in cash for a total amount of n / a. Exceeding 40 billion rupees, "HCL Technologies earns 4% as board of directors considers the proposal to repurchase shares
The repurchase program is proposed to be made from the shareholders of the company on a proportional basis, he added
C is the second year in a row that HCL Technologies announces a share buyback: last May, the IT company had bought back for $ 35 billion rupees of Rs. In June this year, TCS 's board of directors had repurchased approved a buyback program of Rs 160 billion at Rs 2100 per share, as part of the company' s initiatives to distribute the. cash surplus available e the shareholders.
Apart from TCS and HCL Technologies, Infosys, the country's second-largest software services company, came out with such an offer last year to buy out Rs 130 billion in shares.
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Wipro had also redeemed Rs 110 billion shares during the last fiscal year. At its last annual general meeting, Infosys had also indicated that the company was planning to buy back shares in the coming quarters as part of its capital allocation policy.
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