Tata Consultancy Services' Rs 18,000 Crore Share Buyback Offer To Open On March 9
Tata Consultancy Services (TCS) informed on Monday that its share buyback offer worth Rs 18,000 crore will open on March 9 and close on March 23.
Last month on February 12, the company had announced the share buyback programme entailing 4 crore shares at Rs 4,500 each.
TCS has fixed April 1, 2022 as the last date for settlement of bids on stock exchanges which may even happen earlier, according to a Bombay stock exchange (BSE) filing.
TCS promoters - Tata Sons and Tata Investment Corporation Ltd (TICL) - intend to participate in the buyback offer by tendering shares worth about Rs 12,993.2 crore, according to a company document filed earlier.
Tata Sons, which holds about 266.91 crore shares, intends to tender 2.88 crore shares, while TICL (which holds 10,23,685 shares) intends to tender 11,055 shares, it added.
At Rs 4,500 apiece, the two entities will rake in about Rs 12,993.2 crore.
An earlier Rs 16,000 crore-buyback of TCS had opened on December 18, 2020, and closed on January 1, 2021. Tata Sons had tendered shares worth Rs 9,997.5 crore during that offer.
Over 5.33 crore equity shares were bought at that time (offer price was Rs 3,000 apiece) and out of the total, Tata Sons' 3,33,25,118 shares were accepted under the buyback offer.
In 2018, India's largest IT services firm repurchased shares worth up to Rs 16,000 crore at Rs 2,100 apiece. A similar exercise was conducted in 2017 as well.Â
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