HCL Tech slips 2% after board approves share buyback proposal

The stock slipped 2.3% to Rs 982 after the company 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.

Shares of HCL Technologies have slipped 2.3% to Rs 982 per share on the BSE in otherwise firm market after the company said it had received its board's approval to conduct a share buyback of up to 36.3 million equity shares worth nearly Rs 40 billion. The company made announcement on Thursday after market hours.

The buyback price of Rs 1,100 per share is at around 9% premium over its Thursday’s closing market price of Rs 1,005 at BSE. Currently, the promoters’ holding in the company stands at 60%.

“The board has approved the buyback of up to