INSUBCONTINENT EXCLUSIVE:
New Delhi: HCL Technologies said on Monday that it will consider share buy-back on July 12 - roughly a year after it announced its first
HCL will be the second large IT services firm after sector leader Tata Consultancy Services (TCS) to look at a buyback and return cash to
Last month, TCS announced Rs 16,000 crore buyback, the second consecutive in two years
"The Board of Directors of the Company is scheduled to be held on Thursday, July 12, 2018, to consider a proposal for buy-back of equity
shares of the company," HCL Technologies said in a BSE filing
The company is slated to also announce its financial results later this month
In May 2017, India's fourth largest software services firm HCL Technologies announced that it will buyback shares at Rs 1,000 apiece, a
17 per cent premium over current trading price with a buyback size of Rs 3,500 crore, representing 16.39% and 13.62% of the aggregate of the
fully paid-up equity share capital and free reserves
HCL Technologies stock closed at Rs 961.25, up 1.68 per cent, on BSE on Monday
Indian IT companies have been raising the amount of money they return to shareholders, following a letter sent by activist investor Elliott
Infosys and Wipro announced buybacks of Rs 13,000 crore and Rs 11,000 crore, respectively, last year
TCS had bought back about Rs 16,000 crore of shares last year as well, as the company began to raise the amount it returns to shareholders
TCS plans to return about 80-100 per cent of the free cash flow it generates in a year
