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Tata Consultancy Services’ ₹18,000-crore share buyback offer will open on March 9, and the window will close at 5 pm on March 23.
TCS said that in the reserved category for small shareholders, the ratio of buyback will be “1 equity share for every 7 equity shares held on the record date”.
In the general category for all other eligible shareholders, the ratio of buyback will be “1 equity share for every 108 equity shares held on the record date”.
TCS, at its board meeting held on January 12, approved to buy back four crore shares (1.1 per cent of its equity) through a tender offer at a price of ₹4,500 a share.
According to the SEBI regulations, 15 per cent of the offer size (approx ₹2,700 crore) is reserved for small shareholders holding shares up to a value of ₹2 lakh as on the record date. So, the market lot would work out to 44 shares (₹2 lakh divided by ₹4,500).
This will be the fourth buyback offer from TCS in 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.
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