TCS approves buyback at Rs 2100/- per share
Published: Jun 15, 2018
By TIOLCORPLAWS News Service
NEW DELHI, JUNE 15, 2018: India's biggest IT company Tata Consultancy Services Ltd (TCS) today announced a Rs 16,000 cr share buyback offer, sending its shares 3% higher. TCS board approved a proposal to buyback up to 7.61 cr shares at Rs 2,100 per share, aggregating to Rs 16,000 cr. This constitutes 1.99% of the total paid-up equity share capital of the company. In afternoon trade, TCS shares were up nearly 3% at Rs 1,843.
TCS last year announced a Rs 16,000 cr buyback and this year followed it up with a bonus issue of shares. Other big IT companies, Infosys Ltd and Wipro Ltd, had also announced share buyback offers.