HCL Tech board clears up to Rs 4000 cr buyback plan

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..."