TCS announces share buyback scheme worth Rs 17,000 crore

12 Oct 2023 , 08:52 AM

Tata Consultancy Services, India’s largest software exporter, announced a Rs 17,000 crore share repurchase scheme on Wednesday for Rs 4,150 per share, a 15% premium over Wednesday’s closing price.

Following a board meeting to discuss its Q2 results, TCS announced that the board has accepted a proposal to buyback 4.09 crore shares for a value not exceeding Rs 17,000 crore, representing 1.12% of the company’s total paid-up equity share capital.

TCS will be executing a share buyback program for the fifth time. The last four buybacks were likewise completed through the tender offer method.

TCS repurchased shares worth Rs 18,000 crore in January 2022 at Rs 4,500 per share. TCS announced a Rs 16,000 crore buyback in December 2020 at a price of Rs 3,000 per share.

The other two buybacks were in 2017 and 2018, each worth Rs 16,000 crore.

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