TCS board approve Rs. 16,000 crore buy back

The Board of Directors of Tata Consultancy Services Ltd (TCS) at its meeting held today has approved a proposal to buyback up to 5,33,33,333 Equity Shares (Five crore thirty three lakh thirty three thousand three hundred and thirty three only) of the Company for an aggregate amount not exceeding Rs. 16,000 crore (Rupees sixteen thousand crore only) (hereinafter referred to as the 'Buyback Size') being 1.42% of the total paid-up equity share capital, at Rs. 3,000 (Rupees three thousand only) per Equity Share (hereinafter referred to as the 'Buyback 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, 2018 (hereinafter referred to as the "Buyback Regulations") and the Companies Act, 2013 and rules made thereunder. The Buyback size does not include any taxes and expenses incurred or to be incurred for the buyback like filing fees payable to Securities and Exchange Board of India, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses.

The Buyback is subject to approval of the Members by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2737.4 as compared to the previous close of Rs. 2716.15. The total number of shares traded during the day was 277896 in over 19870 trades.

The stock hit an intraday high of Rs. 2769 and intraday low of 2703. The net turnover during the day was Rs. 758445543.

Source : Equity Bulls

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