- TCS to buyback 1.99 per cent of its share capital
- The price at which buyback will happen is Rs 2,100 per share
- The board meeting on Friday decided the TCS buyback
"Further to our intimation dated June 12, 2018, we wish to inform you that the Board of Directors of the company at its meeting held today has approved a proposal to buyback up to 7,61,90,476 equity shares of the company for an aggregate amount not exceeding Rs.16,000 crore being 1.99 per cent of the total paid up equity share capital, at Rs. 2,100 per Equity Share," TCS said in a market filing.
"The buyback is proposed to be made from the shareholders of the Company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations and the Companies Act, 2013 and rules made thereunder," the company further stated.
TCS shares jumped to a high of Rs 1,849 in intraday trading before closing at Rs 1,845, 2.94 per cent higher against the previous session's closing of Rs 1,792.25 on the BSE.