Moneycontrol
Mar 20, 2017 07:45 PM IST | Source: CNBC-TV18

HCL Tech board approves share buyback worth Rs 3,500 crore

As of December 2016, HCL Technologies had cash of USD 1,885 million on its books. The company has an equity base of 1.41 billion shares and has paid out dividends for the last 56 consecutive quarters.

 
 
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The board of IT services company HCL Technologies on Monday approved a buyback of up to 3.5 crore shares at Rs 1,000 per share. This works out to Rs 3,500 crore.

The shares of the Noida-headquartered IT firm closed at Rs 864.35, down 0.16 percent at the National Stock Exchange on Monday. Earlier, shares hit a fresh 52-week high of Rs 879.15 ahead of a board meeting to consider the buyback proposal.

As of December 2016, HCL Technologies had cash of USD 1,885 million on its books. The company has an equity base of 1.41 billion shares and has paid out dividends for the last 56 consecutive quarters.

Watch: Everything you wanted to know about a share buyback

On February 22, an official familiar with the development told Moneycontrol that the company was open to the idea of a share buyback and was considering it.

The company followed Tata Consultancy Services and Cognizant in announcing a share buyback.

Recently, the Tata Group company announced buyback of shares worth around Rs 16,000 crore and Nasdaq-listed IT company Cognizant Technology Solutions will return USD 3.4 billion to shareholders through buyback over the next two years.

Infosys is also said to be mulling a share buyback and may announce it next month.

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