Tata Investment Corporation has announced that the company’s board had approved a buyback of shares up to 45 lakh, aggregating to a sum of Rs 450 crores.
Tata Investment Corporation in their regulatory filing yesterday, said that the company’s board of directors in a meeting held on 16/11/2018 approved the buyback. The shares amount to 8.17 per cent of the total paid-up equity share capital at Rs 1,000 per equity share.
The company in the statement released, said: “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 in accordance with the Securities and Exchange Board of India guidelines.”
Any expenses incurred or that may be incurred in the exercise, such as fees for filing and advisory, public announcement publication expenses, printing and dispatch expenses are not included in the size of the buyback, as per the company’s statement.
The company also stated that the buyback is subject to the approval of its shareholders which will be taken as a special resolution through a postal ballot.