Start date for Tata Consultancy Services (TCS)'s share buyback is December 1

29 Nov 2023 , 11:38 AM

The business announced in an exchange filing on November 28 that the (TCS) Rs 17,000 crore share buyback would begin on December 1 and conclude on December 7.

The company that provides IT services plans to repurchase up to 4.09 crore equity shares at a face value of Rs 1. As of September 30, the buyback represents 1.12% of TCS’s total issued and paid-up equity share capital.

It is suggested that the shares be repurchased for Rs 4,150.

Tata Investment Corporation Limited plans to submit 11,358 shares, and Tata Sons Private Limited plans to present 2,96,03,690 shares.

Following the buyback, the promoter’s and promoter group’s shareholding will increase from 72.3% to 72.41%.

For the first time since 2017, TCS repurchased shares in February, paying an 18% premium over the going rate for shares valued at 16,000 crore. Two buybacks of Rs 16,000 crore each, in June 2018 and October 2020, at a premium of 18 and 10 percent, came after this. January 2022 marked the most recent. The corporation paid a premium of 17% for shares valued at Rs 18,000 crore.

At 10:46 AM on the National Stock Exchange, TCS shares were up 0.73% at Rs 3,495.4.

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