India's largest IT firm Tata Consultancy Services on Friday said its board has approved share buyback of up to Rs 16,000 crore.
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
"...Board of Directors of the company at its meeting held today...has approved a proposal to buyback up to 7.61 crore equity shares...of the company for an aggregate amount not exceeding Rs 16,000 crore...," TCS said in a regulatory filing.
The announcement follows a similar share purchase done by the company last year.
Last year, TCS had undertaken a Rs 16,000-crore mega buyback offer, entailing 5.61 crore shares at a price of Rs 2,850 per scrip.
During its Q4 FY2018 earnings call, TCS CEO Rajesh Gopinathan had said the company's intention is "to keep capital return close to 80-100 per cent of annual free cash flow".
Image: TCS CEO Rajesh Gopinathan. Photograph: Kind courtesy, TCS.