New Delhi: The Tata Consultancy Services (TCS) board on Monday announced buyback of up to 5.6 crore equity shares of the company for an aggregate amount not exceeding Rs. 16,000 crore.
The buyback price approved by the TCS board has been set at Rs. 2,850 per share, reported the MoneyControl.
Also, the buyback price is at an 11 percent premium to the current market price.
“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,” said TCS in a filing with stock exchanges.
However, the promoters currently hold 73.33 percent stake in the company.
The board has approved share buyback for 2.85 percent of total paid-up equity share capital. (ANI)