HCL Technologies Limited has informed the Exchange that the Board of Directors of the Company, in its meeting held on March 20, 2017, have approved the Buyback of up to 3,50,00,000 (Three crores fifty lacs) fully paid up Equity Shares of the Company of face value of Rs. 2 each (representing 2.48 % and 2.45 % of the fully paid-up equity shares of the Company outstanding as on March 31, 2016 and as on date respectively) at a price of Rs.1,000 (Rupees One thousand only) per Equity Share payable in cash for an aggregate amount not exceeding Rs.3,500 crores (Rupees Three thousand five hundred crores only).
The Buyback size is 16.39% and 13.62%, of the fully paid-up Equity Share capital and Free reserves (including Securities Premium Account) as per the latest audited standalone and consolidated balance sheet of the Company , respectively, for the financial year ended March 31, 2016.
The Buyback is proposed to be made from the shareholders of the Company on a proportionate basis, through the ‘Tender Offer” route as prescribed under the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, as amended (the “Buyback Regulations”) using the “Mechanism for acquisition of shares through Stock Exchange” notified by SEBI vide circular CIR/CFD/POLICYCELL/1/201 5 dated April 13, 2015 read with circular CFD/DCR2/CI R/P/2016/131 dated December 09, 2016 or such other mechanism as may be applicable and in accordance with the Companies Act, 2013 and rules made thereunder (the “Act”) . The Buyback would be subject to approval of the shareholders by way of a special resolution through Postal Ballot and all other applicable statutory approvals.
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