India’s largest IT services firm’s share buyback programme of up to Rs 16,000 crore commences today, on December 18 and will close on January 1. Last month, TCS shareholders had approved a proposal to buy back up to 5.3 crore shares of the company at Rs 3,000 per scrip. Shares of TCS are 2 per cent up today to Rs 2,884. The share has hit its all time high of Rs 2,894.
TCS has decided to buyback up to 5.33 crore equity fully paid-up equity shares having a face value of Re 1 each. A buyback floor price has been set at Rs 3,000 per equity share on a proportionate basis through the tender offer process for an aggregate consideration not exceeding Rs 16,000 crore.