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The Tata Consultancy Services board has provided its approval for buyback of up to 5.61 percent equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore.
The buyback price is set at Rs 2,850 per share and is at a 11 percent premium to the current market price.
TCS has informed to the stock exchanges that “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 provisions contained in the SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as the “Buyback Regulations”) and the Companies Act, 2013 and rules made thereunder.”
