Home Uncategorized TCS board approves buyback at Rs2,100 per share

TCS board approves buyback at Rs2,100 per share

7
0
- Advertisement -

Market cap stands at Rs7.05 trillion today (June 15)

 

MUMBAI: The board of Tata Consultancy Services Ltd (TCS), the largest IT company in India, has approved the proposal to buy back up to 76.19 million equity shares of the company for an aggregate amount not exceeding Rs160 billion (Rs16,000 crore), being 1.99 per cent of the total paid up equity share capital, at Rs2,100  per 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 in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 1998,” the company informed the exchange.

The company stated that the buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses.

The buyback is however, subject to the approval of the members by means of a special resolution through a postal ballot. The company has informed that the public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

As on June 8, 2018, while the total number of shareholders is  6,03,592, about 3.829 billion (3828575182) shares are held by 9 promoter companies – which works out 71.92 per cent of the total shares.

The remaining shares in the company are held by 482 Indian financial institutions/banks/MFs (6.77 per cent); 14,033 FIIs/FPIs/NRIs/Foreign nationals and OCBs (17.13 per cent); whereas 5,85,438 resident individuals & others hold 3.52 per cent.

TCS is the largest market capitalized company in India at around Rs7.05 trillion as on June 15, 2018. The company’s 52-week high market price was Rs1,841.45 and the 52-week low was Rs1162.50, computed as of June 15, 2018.

 

 

 

 

 

- Advertisement -
Google search engine