TCS board approves buyback of equity shares up to Rs. 17000 crore

The Board of Directors of TATA Consultancy Services Limited at its meeting held today has approved a proposal to buyback up to 4,09,63,855 (Four crore nine lakh sixty three thousand eight hundred and fifty five) Equity Shares of the Company for an aggregate amount not exceeding ₹17,000 crore (Rupees seventeen thousand crore only) (hereinafter referred to as the "Buyback Size"), representing (1.12)% of the total paid-up equity share capital, at ₹4,150 (Rupees four thousand one hundred and fifty only) per Equity Share (hereinafter referred to as the "Buyback Price").

The buyback is proposed to be made from the existing shareholders of the Company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy-Back of Securities) Regulations, 2018 (hereinafter referred to as the "Buyback Regulations") and the Companies Act, 2013 and rules made thereunder. 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 and Letter of Offer 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. 3610.20 as compared to the previous close of Rs. 3629.20. The total number of shares traded during the day was 530680 in over 10655 trades.

The stock hit an intraday high of Rs. 3664.00 and intraday low of 3606.00. The net turnover during the day was Rs. 1921424557.00.

Source : Equity Bulls

Keywords

TataConsultancyServices INE467B01029 TCS Buyback