The buyback is subject to approval of the members by means of a special resolution through a postal ballot.
Tata Consultancy Services (TCS) shares ended at record closing high on the BSE and NSE post the company announced its buyback plan worth Rs 16,000 crore.
The board of directors of the company has approved a proposal to buyback up to 7,61,90,476 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore being 1.99% of the total paid up equity share capital, at Rs 2,100 per equity share.
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.
The buyback is subject to approval of the members by means of a special resolution through a postal ballot.
The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations, company said in release.
The company’s promoters are holding 71.92 percent stake in the company.
Tata Consultancy Services ended at Rs 1,841.45, up Rs 49.20, or 2.75 percent. on the BSE.
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