News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 7 years ago
Rediff.com  » Business » TCS board approves Rs 16,000 cr share buyback

TCS board approves Rs 16,000 cr share buyback

Source: PTI
February 20, 2017 15:59 IST
Get Rediff News in your Inbox:

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 mechanism

India's largest software services firm TCS on Monday said its Board has approved a share buyback plan of up to Rs 16,000 crore (Rs 160 billion).

The Tata Group company said the proposed shares represent 2.85 per cent of the total paid up equity share capital at Rs 2,850 per equity share.

"Tata Consultancy Services (TCS) Board of Directors has approved a proposal to buyback up to 5.61 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore," TCS said in a BSE filing.

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 mechanism, it added.

The buyback is subject to approval of the members by means of a special resolution through a postal ballot, it said.

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

Photograph: Danish Siddiqui/Reuters

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!