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Tata Consultancy Services board on Friday approved a Rs 16,000 crore share buyback plan, in an attempt to distribute available cash among its shareholders.
In a regulatory filing, India’s largest software exporter said it will buy back some 7.6 crore shares under the scheme at a price Rs 2,100 per share. TCS promoters hold 71.92 per cent stake in the Mumbai-based company.
Last year, TCS had announced Rs 16,000 crore buyback of shares and followed it up with the issue of bonus shares in April.
Share buybacks improve a company's earnings per share and help in shoring up the value during sluggish market conditions.
The company shares were up 2.94 per cent at Rs 1,845 on the BSE.
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