Tata Consultancy Services has announceda proposal to buy back up to four crore equity shares of the company for an aggregate amount not exceeding ₹18,000 crore being 1.08per centof the total paid-up equity share capital, at ₹4,500 per equity share. This is the largest buyback by the IT services company in the last 5 years.
“The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations,” the company said
This will be the fourth buyback offer from TCSin recent years.The IT major’s last buyback between December 18, 2020 and January 1, 2021 was for ₹16,000 crore. Besides this,it has previously acquired shares worth ₹8,260 crore and ₹13,000 crore.
The company has declared a third interim dividend of ₹7 per equity share of ₹1 each of the company. The third interim dividend shall be paid on Monday, February 7, 2022 to the equity shareholders as on Thursday, January 20, 2022 which is the record date fixed for the purpose. TCS shares closed at ₹3,857.25 a piece on BSE on Wednesday