HCL Technology board clears up to Rs 40-billion share buyback plan

Apart from TCS and HCL Technologies, country's second largest software services firm Infosys also came out with such an offer last year to buyback Rs 130 billion worth shares

After Tata Consultancy Services (TCS), HCL Technologies, India’s fourth-largest IT services company, has also announced a share buyback programme. The Noida-headquartered company on Thursday said it had received its board's approval to conduct a share buyback of up to 36.3 million equity shares worth up to Rs 40 billion.

The buyback price of Rs 1,100 per share is at around 9 per cent premium over its current market price of Rs 1,010 at NSE at the close of trading session on Thursday. Currently, the promoters’ holding in the company stands at 60 per cent. “The board has approved the buyback of