The board of Tata Consultancy Services (TCS) has approved a proposal to buy back up to 7,61,90,476 equity shares of the company for an aggregate amount not exceeding ₹ 16,000 crore.
The buy-back proposal involves 1.99% of the total paid-up equity share capital.
The buy-back will be done at ₹ 2,100 per equity share.
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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, 1998 and the Companies Act, 2013 and rules made thereunder.
“The buy-back size does not include any expenses incurred or to be incurred for the buy back like filing fees, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses,” the company said in a filing with the BSE.. The buy back is, however, subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process, time line and other requisite details would be released in due course in accordance with the buy-back regulations, it added.