21 February 2019 INR19.56b (<10% of net worth) was decided after taking stock of the future needs of capital for the business. It is also tax efficient for the company. This buyback is not in lieu of dividend. However, the company would not like to retain too much excess cash. TECHM will go for a Dividend + Buyback strategy in the future based on the need of the business. In the past, every time TECHMs net cash (including investments) has exceeded or come close to INR40b, there has been some allocation toward inorganic growth. That did not happen this time around, and the net cash position increased to INR65b in the last four quarters. The quantum of buyback brings total net cash down to that range at INR45b. If TECHM pays same dividend as last year (INR14/share), it will bring net cash down to INR30-35b.