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BUSINESS

TCS Rs 16,000 Cr Buyback Offer Opens Today, Hits All-Time High

India’s largest IT services firm’s share buyback programme of up to Rs 16,000 crore commences today, on December 18 and will close on January 1. Last month, TCS shareholders had approved a proposal to buy back up to 5.3 crore shares of the company at Rs 3,000 per scrip. Shares of TCS are 2 per cent up today to Rs 2,884. The share has hit its all time high of Rs 2,894.
TCS has decided to buyback up to 5.33 crore equity fully paid-up equity shares having a face value of Re 1 each. A buyback floor price has been set at Rs 3,000 per equity share on a proportionate basis through the tender offer process for an aggregate consideration not exceeding Rs 16,000 crore.

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