Mumbai, Feb 20 (IANS) Software major Tata Consultancy Services (TCS) said on Monday it will buy back up to 5.61 crore equity shares for Rs 16,000 crore.
According to TCS, the equity share buy back decision was taken by its Board of Directors at a meeting held on February 20.
"The 'Buyback Size' being 2.85 per cent of the total paid up equity share capital, at Rs 2,850 per equity share," the company informed the BSE in a regulatory filing.
"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 Regulations, 1998 and the Companies Act, 2013 and rules made thereunder," the filing elaborated.
The pre-buyback shareholding pattern as on February 17, 2017 showed that the Tata Group owned 73.31 per cent in the software major.
The company's scrip price on the BSE gained 4.06 per cent or Rs 97.85 per share to Rs 2,506 per equity share from its previous close of Rs 2,408.15.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.