Rs 16,000 crore buyback offer from TCS
Tata Consultancy Services (TCS) had on Friday approved a Rs 16,000 crore share buyback plan. The company board passed a resolution to buy back nearly 7.6 crore shares under the scheme at a price of Rs 2,100 per share.
The TCS share closed at Rs 1,840, up nearly 3 per cent on Friday, which lifted the company’s market capitalisation back to Rs 7 lakh crore.
"The buyback is proposed to be made from the shareholders 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,” the company said in its filing to stock exchanges.