Tata Consultancy Services’ Rs 16,000-crore share buyback programme opened today. TCS, the country’s largest IT company, will buy back up to 5.33 crore equity shares at a floor price of Rs 3,000 apiece. The buyback offer will close on January 1, 2021. TCS shares touched a record high Rs 2,896.10 on Friday in a subdued market. (Track Tata Consultancy Services Shares Here)
In November, TCS shareholders had approved a proposal to buy back up to 5.3 crore equity shares, or 1.4 per cent, of the company’s total paid-up equity share capital at Rs 3,000 per share for a total amount of up to Rs 16,000 crore.
TCS has fixed November 28 as the date for determining the entitlement and names of the shareholders eligible to participate in the buyback offer.
At 12:00 pm, the shares of TCS traded 1.89 per cent higher at Rs 2,891.70 apiece on the BSE. The S&P BSE Sensex benchmark index was down 93.47 points or 0.20 per cent at 46,800.27 at the time.