Tata Consultancy Services (TCS) has received its board approval for proposal to buy back up to 5.61 crore equity shares for an aggregate amount not exceeding Rs 16,000 crore, being 2.85 per cent of the total paid-up equity share capital, at Rs 2,850 per equity share.
This is biggest buyback in the history of India’s capital markets, surpassing Reliance Industries’ share repurchase of Rs 10,400 crore in 2012. The buyback will be on a proportionate basis under the tender offer route, using the stock exchange mechanism.
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services.