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TCS fixes November 25 as record date for proposed Rs 17000-crore share buyback

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November 15, 2023
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TCS fixes November 25 as record date for proposed Rs 17000-crore share buyback
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MUMBAI – Tata Consultancy Services Ltd has fixed November 25 as the record date for determining eligible shareholders that can participate in the proposed share buyback programme of the company, according to an exchange disclosure.

In October, India’s largest software exporter had announced a Rs 17,000-crore share buyback programme through the tender offer route. The company plans to buy back up to 4.09 crore shares at a price of Rs 4,150 per share. This represents 1.12% of the total paid-up equity share capital of the company.

This will be the fifth time TCS will be conducting a share buyback programme. The previous four buybacks were also done through the tender offer route.

In January 2022, TCS had bought back shares worth Rs 18,000 crore at Rs 4,500 apiece. In December 2020, it had announced buyback worth Rs 16,000 crore at a price of Rs 3,000 per share.

The other two buybacks, both worth Rs 16,000 crore each, were done in 2017 and 2018. On Wednesday, shares of TCS ended 2.2% higher on the National Stock Exchange at Rs 3,404.30 on the National Stock Exchange. So far in 2023, the stock has net gained a little over 4%, underperforming Nifty 50, which has gained about 9% in the same period.

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Tags: 17000crorebuybackDatefixesNovemberProposedrecordSharetata consultancy services ltdTCSTCS newsTCS share buybackTCS Share PriceTCS update
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