MUMBAI HCL Technologies, India's fourth-biggest software services exporter, will buy back shares worth up to 35 billion rupees ($535.5 million), it said on Monday, following a similar move by Tata Consultancy Services last month.

HCL Tech's board approved a repurchase of up to 35 million at 1,000 rupees each, the company said in a stock exchange filing.

TCS, India's top IT firm, in February announced a buyback of shares worth up to 160 billion rupees.

($1 = 65.3600 Indian rupees)

(Reporting by Sankalp Phartiyal, editing by Louise Heavens)