Board approves TCS’s Rs 18,000 crore share buyback program

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New Delhi, Jan 12 (PTI) The board of information technology company Tata Consultancy Services (TCS) on Wednesday approved a share buyback program of up to Rs 18,000 crore at a price of Rs 4,500 per share.

TCS’s buyback offer at Rs 4,500 per share is up about 16.6 per cent from the company’s closing price of Rs 3,857.25 on the BSE on Wednesday.

TCS said in the information given to the stock exchange, “The Board of Directors of the company in its meeting held today has approved the proposal for buyback of up to four crore equity shares. The Board of Directors has approved a share buyback program of Rs 18,000 crore at a price of Rs 4,500 per share.

“It is proposed to buy back the shares from the shareholders of the company on a proportionate basis under the tender offer route through the share market mechanism,” the company said.

The IT company said the process, timelines and other necessary details will be informed in due course of time under the buyback rules.

Shareholders will be approved by postal vote through a special resolution on the buyback program.

According to the information given by the company to the stock exchange, the promoter companies had 72.19 percent stake in TCS as of January 7, 2022.

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