close

News WrapGet Handpicked Stories from our editors directly to your mailbox

Tata Consultancy Services approves buyback plan; to spend Rs 16,000 crore

TCS said, "The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanishm in accordance with the provisions contained in Sebi. 

Tata Consultancy Services approves buyback plan; to spend Rs 16,000 crore
TCS said that it will be buyback these shares at Rs 2850 per share thereby spending up to Rs 16,000 crore. Photo: Official Website
Written By: ZeeBiz WebTeam
Updated: Mon, Feb 20, 2017
03:49 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Is it worth investing in TCS shares post Q1FY20? Hiring speed shows confidence Is it worth investing in TCS shares post Q1FY20? Hiring speed shows confidence
TCS Q1 Results Key Takeaways: From profit, dividend to women workforce, check out the critical points TCS Q1 Results Key Takeaways: From profit, dividend to women workforce, check out the critical points
TCS Q1 results highlights: Tech major beats street estimates; check top 6 power points TCS Q1 results highlights: Tech major beats street estimates; check top 6 power points
TCS jobs: IT-giant hires 12,356 employees in Q1, highest in past 5 years; women workforce gets boost TCS jobs: IT-giant hires 12,356 employees in Q1, highest in past 5 years; women workforce gets boost

Tata Consultancy Services (TCS) on Monday said that its board has approved share buyback proposal. 

In its board meeting held on Monday, TCS decided to buy back 5.61 crore equity or 2.85% of the company's total capital.  The company said that it will be buyback these shares at Rs 2850 per share thereby spending up to Rs 16,000 crore. 

TCS said, "The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanishm in accordance with the provisions contained in Sebi. 

A buyback of shares is also known as a repurchase of shares by a company of its outstanding shares that reduces the number of its shares on the open market.

TCS's CEO and managing Director Natarajan Chandrasekaran will be take his charge as chairman of Tata Sons on Tuesday. Rajesh Gopinathan will replace Chandrasekaran at TCS. 

Shares of TCS closed at Rs 2506 per piece on BSE, above Rs 97 or 4.06%.