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 36.3 million equity shares of the company representing 2.61% of the fully paid-up equity shares at a price of Rs 1,100 per share payable in cash for an aggregate amount not exceeding Rs 40 billion," the company said in a regulatory filing.
The buy-back is proposed to be made from the shareholders of the Company on a proportionate basis, through the “tender offer” route, it added.
Thus far in the calendar year 2018, HCL Technologies (up 13%) had underperformed its peers TCS (up 46%) and Infosys (25%).
At 09:37 am; the stock was trading 1.6% lower at Rs 989 on the BSE, as compared to 0.51% rise in the S&P BSE Sensex. A combined 1.8 million shares changed hands on the counter on the BSE and NSE.