New Delhi: Tata Consultancy Services (TCS) on Monday said its Rs 18,000-crore share buyback offer will open on March 9 and close on March 23.
On February 12, the company announced a share buyback program with 4 crore shares at a price of Rs 4,500.
According to the BSE filing, TCS has fixed April 1, 2022 as the last date for settlement of bids on the stock exchanges, which may be earlier.
TCS Promoters – Tata Sons and Tata Investment Corporation Limited (TICL) – intends to participate in the buyback offer by tendering shares worth approximately Rs 12,993.2 crore, according to the company’s earlier filed document.
Tata Sons, which holds around 266.91 crore shares, intends to tender 2.88 crore shares, while TICL (which holds 10,23,685 shares) intends to tender 11,055 shares.
At Rs 4,500, both the entities will earn around Rs 12,993.2 crore.
TCS’s previous buyback of Rs 16,000 crore was open on December 18, 2020 and closed on January 1, 2021. Tata Sons had tendered shares worth Rs 9,997.5 crore in that offer.
At that time more than 5.33 crore equity shares were bought (offer price was Rs 3,000) and out of the total, 3,33,25,118 shares of Tata Sons were accepted under buyback offer.
In 2018, India’s largest IT services firm repurchased shares worth up to Rs 16,000 crore at Rs 2,100. A similar exercise was conducted in 2017 as well.
On February 12, the company announced a share buyback program with 4 crore shares at a price of Rs 4,500.
According to the BSE filing, TCS has fixed April 1, 2022 as the last date for settlement of bids on the stock exchanges, which may be earlier.
TCS Promoters – Tata Sons and Tata Investment Corporation Limited (TICL) – intends to participate in the buyback offer by tendering shares worth approximately Rs 12,993.2 crore, according to the company’s earlier filed document.
Tata Sons, which holds around 266.91 crore shares, intends to tender 2.88 crore shares, while TICL (which holds 10,23,685 shares) intends to tender 11,055 shares.
At Rs 4,500, both the entities will earn around Rs 12,993.2 crore.
TCS’s previous buyback of Rs 16,000 crore was open on December 18, 2020 and closed on January 1, 2021. Tata Sons had tendered shares worth Rs 9,997.5 crore in that offer.
At that time more than 5.33 crore equity shares were bought (offer price was Rs 3,000) and out of the total, 3,33,25,118 shares of Tata Sons were accepted under buyback offer.
In 2018, India’s largest IT services firm repurchased shares worth up to Rs 16,000 crore at Rs 2,100. A similar exercise was conducted in 2017 as well.