TCS announced that it will buy back 3,40,00,000 shares from the general category and 60,00,000 shares from the reserved category. This offer is open to all types of shareholders.
The company will pay Rs 2,700 crore to the government and the rest will go to paying debt. Tata Sons holds a 72 percent stake in TCS.
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Tata Consultancy Services (TCS) share price added 1 percent in the morning session on March 9 as the company’s share buyback opens today.
The IT major will launch its Rs 18,000-crore share buyback offer today. It will close on March 23. The move by the TCS comes after Tata Sons bought Air India from the government for an equal amount. The company will pay Rs 2,700 crore to the government and the rest will go to paying debt. Tata Sons holds a 72 percent stake in TCS.
This will be the fourth buyback for the software services major and, in the earlier three instances, Tata Sons was the biggest beneficiary. The last date of settlement of bids on the Stock Exchanges is April 1, 2022, TCS said.
TCS announced that it will buy back 3,40,00,000 shares from the general category and 60,00,000 shares from the reserved category. This offer is open to all types of shareholders.
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Sharing details of the buyback entitlement, TCS said that in the reserved category for small shareholders, the ratio of buyback will be “one equity share for every seven equity shares held on the record date”.
The stock was trading at Rs 3,630, up Rs 30.05, or 0.83 percent at 09:57am on the NSE. It has touched an intraday high of Rs 3,643.20 and an intraday low of Rs 3,597.05.