The buyback measurement quantities to 1.08 per cent of the whole paid-up fairness share capital. The corporate mentioned it should purchase shares at Rs 4,500 per share, a premium of 16.67 per cent over the past buying and selling value.
“The buyback is proposed to be created from the shareholders of the Firm on a proportionate foundation below the tender provide route utilizing the inventory trade mechanism. The buyback measurement doesn’t embody transaction prices, relevant taxes and different incidental and associated bills,” the corporate mentioned in a press release.
The buyback is topic to the approval of the shareholders by way of a particular decision by way of a postal poll. The general public announcement setting out the method, timelines and different requisite particulars will probably be launched in the end in accordance with the buyback laws, TCS mentioned.
The buyback is along with Rs 7 per share third interim dividend that the cash-rich firm introduced on Wednesday.
Forward of the buyback, 9 promoter entities maintain 72.19 per cent in TCS. Banks, mutual funds and insurance coverage firms held 7.8 per cent whereas FPIs and FIIs held 15.23 per cent stake within the agency. Retail traders maintain about 3.88 per cent.