HCL Technologies Stock Options Trust acquires company shares for Rs 700 crore

HCL Tech | Representative image

Information Technology behemoth HCL Technologies purchased back around 55,00,000 shares of the company via its stock options trust for implementing its restricted stock unit plan (RSU).

Notably, RSU is essentially a compensation plan that any company offers to its employees in the form of shares or cash, basis their performance or time in the company. In this case, the stocks are generally purchased in the public market and if given, the cash so provided is the equivalent value of such stocks.

HCL purchased these 55,00,000 shares, which constitute around 0.20 percent of the company's share capital, for a cash consideration of Rs 700.41 crores.

Earlier this month, the company signed an agreement with Atruvia AG, along with Germany's largest cooperative primary bank, namely Deutsche Apotheker- und Ärztebank eG (apoBank), to acquire IT consulting firm Gesellschaft für Banksysteme GmbH (gbs).