Tata Consultancy Services (TCS) on Wednesday announced that the Board of Directors of the company at its meeting held today has approved a proposal to buy back up to Rs 4,089,63,855 equity shares of the company for an aggregate amount not exceeding Rs 17,000 Crore being 1.12 percent of the total paid-up equity shares capital at Rs 4,150 per equity share subject to approval from shareholders, the company announced through an exchange filing.
The shares of TCS on Wednesday at 3:30 pm IST closed at Rs 3,613, down by 0.44 percent.
TCS's fifth buyback in six years
This is the fifth share buyback of the company within a six-year span.
In its prior four buyback exercises, the company purchased shares amounting to Rs 66,000 crore. The sequence of buybacks began in February 2017 when TCS bought back shares valued at Rs 16,000 crore, offering an 18 percent premium above the prevailing market price. Subsequently, they conducted two more buybacks in June 2018 and October 2020, each worth Rs 16,000 crore, providing premiums of 18 and 10 percent, respectively. The last time the IT giant repurchasing shares from stakeholders took place in January 2022, with each share acquired at a 17 percent premium, resulting in a total purchase value of Rs 18,000 crore.
