Indian IT company HCL Technologies today said its board has approved up to Rs 4,000 crore buyback plan, involving up to 3.63 crore shares at a price of Rs 1,100 per equity share.
The buyback price translates into a 9.4 per cent premium over Thursday's closing price of HCL Tech shares.
The move by the company comes less than a month after its larger IT peer Tata Consultancy Services approved a plan to buyback shares up to Rs 16,000 crore.
In a regulatory filing today, HCL Technologies said: "...the board of directors of the company, in its meeting held today...have approved the buy-back of up to 3,63,63,636 fully paid up equity shares of the company of face value of Rs 2 each...at a price of Rs 1,100 per equity share payable in cash..."
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