TCS to open Rs 16,000 crore share buyback plan on Dec 18

Tata Consultancy Services (TCS) has fixed December 18 as the opening date for its share buyback programme which is to the tune of Rs 16,000 crore.

The buyback will be available for subscription till January 1, the software major said in regulatory filings at stock exchanges.

TCS said January 3 will be the last date for receipt of completed tender forms and other specified documents, including physical share certificates by the registrar.

TCS will settle bids in the buyback plan on January 12 on stock exchanges.

In October, TCS bagged approval for buyback of up to 5.33 crore fully paid-up equity shares having a face value of Re 1 each.

A buyback floor price has been set at Rs 3,000 per equity share on a proportionate basis through the tender offer process for an aggregate consideration not exceeding Rs 16,000 crore.

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