HCL Tech 17% Premium On Share Buyback Surges Over By 1%

HCL Technologies, India’s fourth-largest software services company on Thursday’s session, witnessed a rise in its share price by over 1% as a company on Wednesday announced a buyback share at Rs 1000 apiece. The shares will be bought at Rs 1000 with a gain of 17% from the current trading price of Rs 852. 

The buyback price will be at almost 17% premium over Wednesday’s closing price of Rs 854.85 as on the NSE.

The company in a regulatory filing said that through tender offer process, it is proposing an offer for buyback of equity shares for cash at a price of Rs 1,000 per equity shares on a proportionate basis.

The buyback size is Rs 3,500 crore, representing 16.39% and 13.62% of the aggregate of the fully paid-up equity share capital and free reserves as per the standalone and consolidated audited accounts of the company for the financial year ended March 31, 2016, it added.

HCL said Letter of Offer will be to equity shareholders of the company as on record date of May 25.

Opening and closing dates of buyback programme, which received shareholder approval last month has not yet been announced.

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