TCS announces date for share buyback offer
Highlights
- This will be TCS' fourth buyback. It previously announced buyback offers in 2017, 2018 & 2021
- The buyback offer price of up to 4 crore equity shares has been fixed at Rs 4,500 per scrip
- Tata Consultancy Services (TCS), a subsidiary of the Tata Group, is India's largest IT services firm
Tata Consultancy Services (TCS), India's largest IT services firm, has announced the dates of its Rs 18,000-crore share buyback offer. The offer was announced by the IT major in January this year. The buyback offer price of up to four crore equity shares of the company has been fixed at Rs 4,500 per scrip.
The buyback offer will open on March 9 and the window will close on March 23 at 5 pm, according to a statement issued by the company.
The company said that the ratio of buyback in the reserved category for small shareholders will be '1 equity share for every 7 equity shares' held on the record date. In the general category, the ratio of buyback will be '1 equity share for every 108 equity shares held on the record date'.
This will be the company's fourth buyback. The company previously announced buyback offers in 2017, 2018 and 2021.
TCS' previous buyback offer of around Rs 16,000 crore had opened on December 18, 2020, and closed on January 1, 2021. Over 5.33 crore equity shares were bought back under the offer for Rs 3,000 apiece.
In 2018, TCS had undertaken a share buyback programme worth up to Rs 16,000 crore. The buyback, at Rs 2,100 per equity share, had entailed up to 7. 61 crore shares. In 2017 too, TCS had gone for a similar share purchase programme.
