IT major Tata Consultancy Services (TCS) has announced that the buy back offer will open on March 9, 2022 and will continue till March 23, 2022, as per a notification filed on its website.
The Board of Directors of TCS at its meeting held on January 12, 2022 has approved a proposal to buyback up to 4,00,00,000 (Four crore) equity shares of the Company for an aggregate amount not exceeding Rs18,000 crore, being 1.08 per cent of the total paid up equity share capital, at Rs 4,500 per equity share.
The company had fixed February 23, 2022 as the record date for the buyback for determining the buyback entitlement and the eligibility of the shareholders to participate in this buyback, as per the TCS website.
Here are certain important points that one needs to know about the TCS buyback offer:
The Buyback Offer size in terms of Equity Shares to be bought back, will be 4,00,00,000 (Four crore) Equity Shares and in terms amount will be approximately Rs.18,000 Crores, which represents 1.08 per cent of the total issued and paid-up equity share capital of the Company, as on December 31, 2021.
The Company will buyback up to 4,00,00,000 (Four crore) Equity Shares.
The Equity Shares will be bought back at a price of Rs 4,500 (Rupees Four thousand Five Hundred only) per Equity Share.
This Buyback offer will be implemented through “Tender Offer” route through the stock exchange mechanism, in terms of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended from time to time.
(With inputs from agencies)