TCS buyback: Board approves Rs 16000 crore share buyback
The Tata Group said the proposed shares make up to 2.85 per cent of the total paid-up equity share capital at Rs 2850 per equity share
India's largest software services company Tata Consultancy Services on Monday said its Board has approved a share buyback plan up to Rs 16000 crore.
The Tata Group said the proposed shares make up to 2.85 per cent of the total paid-up equity share capital at Rs 2850 per equity share.
"Tata Consultancy Services (TCS) Board of Directors has approved a proposal to buyback up to 5.61 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore," TCS stated in a BSE filing.
It added that the buyback is proposed to be made by the shareholders of the firm on a proportionate basis under the tender offer using the state exchange mechanism.
The company also said that the buyback is subject to the approval of the members through a special resolution and that through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be announced in due course as per the Buyback Regulations followed in India.