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HCL approves Rs 3,500-cr share buyback

HCL Technologies have opted for buyback route to make use of huge piles of cash lying idle with them

Press Trust of India  |  New Delhi 

Indian IT major HCL Technologies on Monday said  its board had approved a buyback of up to 3.5 crore shares worth Rs 3,500 crore.   With this, HCL Technologies joins the growing list of IT companies that have opted for the buyback route to make use of huge piles of cash lying idle with them.   Sector leader Tata Consultancy Services and the US-based Cognizant had, last month, announced mega buyback offers to return surplus cash to shareholders. In a BSE filing, HCL Tech said, “...the Board of Directors of the company... has approved the buyback of up to 3,50,00,000 ...

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