TCS board approves buyback at Rs. 4500 per share

The Board of Directors of Tata Consultancy Services Ltd at its meeting held today has approved a proposal to buyback up to 4,00,00,000 (Four crore) Equity Shares of the Company for an aggregate amount not exceeding ₹18,000 crore (Rupees eighteen thousand crore only) (hereinafter referred to as the "Buyback Size") being 1.08% of the total paid-up equity share capital, at ₹4,500 (Rupees four thousand five hundred only) per Equity Share (hereinafter referred to as the "Buyback Price").

The buyback is proposed to be made from the shareholders of the Company on a proportionate basis under the tender offer route using the stock exchange mechanism.

The Buyback Size does not include transaction costs, applicable taxes and other incidental and related expenses.

The Buyback is subject to approval of the Shareholders by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3857.25 as compared to the previous close of Rs. 3915.80. The total number of shares traded during the day was 122701 in over 13686 trades.

The stock hit an intraday high of Rs. 3930.15 and intraday low of 3836.80. The net turnover during the day was Rs. 475046171.00.

Source : Equity Bulls

Keywords

TataConsultancyServices INE467B01029 TCS Buyback TenderOffer INR18000Crore INR4500