HCL Tech to buy-back shares at 17% premium

Information technology (IT) major HCL Technologies on Wednesday said that it will buy back 3.50 crore equity shares by offering a 17 per cent premium per unit.

"The company is proposing to undertake the buy-back of up to 3,50,00,000 equity shares aggregating up to 2.48 per cent and 2.45 per cent of the fully paid-up equity share capital of the company as at March 31, 2016, and March 31, 2017, respectively," the company informed the BSE in a regulatory filing.

The buy-back has been fixed at a price of Rs 1,000 per equity share "payable in cash" from the company's shareholders by way of tender offer through the stock exchange mechanism.

On Wednesday, the company's scrip at the BSE closed at Rs 855, down Rs 10.05 per share or 1.16 per cent from its previous close of Rs 865.05.

According to the IT major, the proposed buy-back received the approval of its Board of Directors on March 20, 2017.

Besides, the proposal received approval from its shareholders by way of a special resolution through postal ballot, the results of which were announced on May 17, 2017.

The company added that it has appointed Axis Capital and Credit Suisse Securities (India) as the manager, joint manager to the buy-back.

--IANS

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