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Tata Consultancy Services (TCS) announced that the company has completed its Rs 16,000-crore share buyback on September 21 2018. The Mumbai-based company had this year, in June announced the buyback of up to 7.61 crore equity shares at a price of Rs 2,100 per equity share from existing shareholders with the overall consideration not exceeding Rs 16,000 crore.
TCS said in a regulatory filing that the tendering period for the buyback offer opened on September 6, 2018, and closed on September 21, 2018. TCS added ” A total of 7,61,90,476 equity shares were bought back under the buyback. The total amount utilised in the buyback is Rs 1,59,99,99,99,600, excluding transaction costs.”
It further added that the subscription for the buyback offer saw approximately 1.47 times higher than the maximum number of equity shares proposed to be bought back.
4.97 crore shares held by Tata Sons, 26.31 lakh shares by Copthall Mauritius Investment Limited And 26.65 lakh shares offered by RBC Emerging Markets Equity Fund were accepted under the buyback, TCS said in the filing.
TCS said that the pursuant to the buyback, 7,61,90,476 equity shares of the company were extinguished. The TCS buyback offer under review was the second buyback offer in as many years which was a part of its long-term capital allocation policy of returning excess cash to the shareholders.
