“The board of directors of the company at its meeting held on February 21, 2019, approved the proposal for buyback by the company of its own fully paid equity shares of Rs 5 each, not exceeding 20.58 million equity shares representing 2.1 per cent of total equity of the company,” Tech Mahindra said in a regulatory filing.
Tech Mahindra has fixed Wednesday, 6th March 2019 as the record date for the purpose of ascertaining the eligibility of shareholders to participate in the buyback.
Cash-laden Indian IT firms have been returning surplus cash on their books to shareholders by way of dividends and buybacks. Earlier this year, Infosys had announced a buyback offer of Rs 8,260 crore. Persistent Systems' board had also approved a buyback offer of up to Rs 225 crore in January this year.