In a regulatory filing, Tata Consultancy Services (TCS) has said that its board has approved buyback shares worth ₹18,000 Cr, at a 16.67% premium rate over the last trading price.
In its filing, TCS said that “Each share will be priced at ₹4,500. Using the stock exchange mechanism, four crore shares will be bought back under the tender offer route. The buyback price does not include the transaction costs, taxes applicable, or any other incidental and related expenses.”
“The shares repurchased will be on a proportionate basis from shareholders. Their approvals will be sought through a special resolution via postal ballot. The announcement about setting out the procedure, timelines, and other steps will be made in coming days as per the regulations.”, TCS said in its filing statement.
The buyback shares size is about 1.08 percent of the company’s overall paid equity shares capital.