Shares of Tata Consultancy Services (TCS) jumped 2 per cent in morning trade on Thursday after its shareholders approved up to Rs 16,000 crore share buyback plan. The stock gained 2 per cent to Rs 2,678.6 on the BSE. It went up by 1.88 per cent to Rs 2,676.15 on the NSE.
Last month, TCS' board of directors had approved a buyback proposal of up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore."... the members of the company have duly passed the special resolution approving the Buyback," TCS said in a regulatory filing on Wednesday.
The voting, which started on October 20, and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.
There was 100 per cent voting in favour of the proposal by the promoters, 98.11 per cent by public institutional shareholders and 98.43 per cent by other shareholders.
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