HCL technologies have announced that it will buyback shares worth ₹3500 crores at ₹1000 each. The offered buyback price is 17% more than the amount at which HCL Tech share are trading at the moment.
In a regulatory filing, the company announced this move of buying back the shares. It also stated that the buyback process will be done as a tender offer process. HCL Tech share is currently trading at ₹852.35 per share. Last month, the board of HCL tech had approved the buyback of shares worth ₹3500 crores. However, the company has not announced the dates on which it will open and close the buyback program.
Leading Indian IT company, TCS had also announced its plan to buyback shares worth ₹16,000 crores. The process is currently going on. These moves have come as a part of increasing pressure on IT companies to payback the excess cash on records in form of dividends and buyback. Infosys has also announced its plans of returning over ₹13,000 crores in form of dividends or buyback.