The board of directors of Tata Consultancy Services Ltd (TCS) has approved a proposal to buy back up to four crore equity shares for an aggregate amount not exceeding ₹18,000 crore, being 1.08% of the total paid-up equity share capital, at ₹4,500 each.
The buyback is proposed to be made on a proportionate basis under the tender offer route, the company said in a filing.
As on January 7, promoter companies held 72.19% stake in the company.
The buyback does not include transaction costs, applicable taxes and other related expenses, it said.
