Tata Investment Corporation Board Approves Rs 450-Crore Share Buyback

Tata Investment Corporation on Friday said the board had approved a buyback of up to 45 lakh shares aggregating a sum of Rs 450 crore.

The company's board of directors approved the buyback in a meeting today. The shares amount to 8.17 percent of the total paid-up equity share capital at Rs 1,000 per equity share, Tata Investment Corporation said in a regulatory 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 Securities and Exchange Board of India guidelines, it said.

The size of the buyback doesn't include any expenses incurred or that may be incurred in the exercise, such as fees for filing and advisory, public announcement publication expenses, printing and dispatch expenses, it said.

The company said that the buyback is subject to approval of its shareholders which will be taken as a special resolution through a postal ballot.