TCS Announces Rs 16,000 Crore Buyback Of 1.99% Of Shares
India's largest IT firm Tata Consultancy Services (TCS) has approved the buyback of 1.99% of the equity share capital amounting to upto Rs 16,000 crore, the company announced after a board meeting that concluded at 2.35 pm on Friday. TCS will carry out the share buyback at Rs 2,100 per equity share, a handsome premium of over 17 percent on the Friday's opening price of Rs 1,800.
- TCS to buyback 1.99 per cent of its share capital
- The price at which buyback will happen is Rs 2,100 per share
- The board meeting on Friday decided the TCS buyback
"Further to our intimation dated June 12, 2018 we wish to inform you that the Board of Directors of the Company at its meeting held today has approved a proposal to buyback up to 7,61,90,476 Equity Shares of the Company for an aggregate amount not exceeding Rs.16,000 crore being 1.99% of the total paid up equity share capital, at Rs. 2,100 per Equity Share," TCS said in a market filing.
A total of seven crore sixty one lakh ninety thousand and four seventy six shares will be bought back by the IT major, the company announced. Last year too, TCS exercised a share buyback programme of similar value (Rs 16,000 crore) that materialised in the month of May.
The TCS shares jumped to a high of Rs 1,849 in the intraday trading before closing at Rs 1,845, 2.94 per cent higher against the previous session's closing of Rs 1,792.25 on BSE.