INSUBCONTINENT EXCLUSIVE:
apiece.
The buyback will not exceed Rs 4,000 crore, which is 14.83 per cent and 11.59 per cent, of the fully paid-up equity share capital
and free reserves (including securities premium account), the company said in a regulatory filing post market hours.
The shares of the
approved the buyback of up to 3,64 crore fully paid up equity shares of face value of Rs 2 each, representing 2.61 per cent of the fully
of the shareholders through special resolution through postal ballot and all other approvals as may be required
The repurchase programme is proposed to be made from the shareholders of the company on a proportionate basis, the HCL Tech said.
The
announcement setting out the process, timelines and other requisite details will be provided on a later date by the company.
HCL Tech, with
a market capitalisation of Rs 138,551 crore, aims to maximise the return of cash to shareholders
Rewarding shareholders with special dividend would have attracted dividend distribution tax, the person said
In a buyback, the shares are tendered through the stock exchange and attract securities transaction tax, which is negligible compared to
dividend distribution tax.
Earlier in June, the board of IT major TCS had approved a Rs 16,000 crore share buyback plan, in an attempt to
distribute available cash among its shareholders
The company said on June 15 had said that it will buy back some 7.6 crore shares under the scheme at a price of Rs 2,100 per share.
