HCL Tech to buy-back shares at 17% premium

Information technology (IT) major HCL Technologies on Wednesday said that it will buy back 3.50 crore equity shares by offering a 17 per cent premium per unit. "The company is proposing to undertake the buy-back of up to 3,50,00,000 equity shares aggregating up to 2.48 per cent and 2.45 per cent of the fully paid-up equity share capital of the company as at March 31, 2016, and March 31, 2017, respectively," the company informed the BSE in a regulatory filing. The buy-back has been fixed at a price of Rs 1,000 per equity share "payable in cash" from the company's shareholders by way of tender offer through the stock exchange mechanism.

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