INSUBCONTINENT EXCLUSIVE:
TCS' previous buyback offer of around Rs 16,000 crore had opened on December 18, 2020New Delhi: India's largest IT firm Tata Consultancy
Services (TCS) on Friday said its Board will consider a buyback proposal on January 12
"...the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on January 12,
2022," a regulatory filing said
No other details of the buyback proposal were disclosed.The Board of the Mumbai-based company is scheduled to meet on January 12 to approve
and take on record the financial results of the company for the third quarter and nine months ending December 31, 2021.At the end of the
September 2021 quarter, TCS had cash and cash equivalents of Rs 51,950 crore
On Friday, TCS shares closed 1.26 per cent higher at Rs 3,854.85 on BSE.TCS' previous buyback offer of around Rs 16,000 crore had opened on
December 18, 2020, and closed on January 1, 2021
Over 5.33 crore equity shares were bought back under the offer for Rs 3,000 apiece.In 2018, TCS had undertaken a share buyback programme
worth up to Rs 16,000 crore
The buyback, at Rs 2,100 per equity share, had entailed up to 7.61 crore shares
In 2017 too, TCS had taken a similar share purchase programme.Smaller peers like Infosys and Wipro have also undertaken buyback programmes
to return surplus cash on their books to shareholders.In September last year, Infosys had said it has bought back over 5.58 crore equity
shares as part of its about Rs 9,200 crore buyback offer
The process - conducted via open market through Indian stock exchanges - saw shares being bought back in the range of Rs 1,538.10 and Rs
Wipro had also completed a Rs 9,500 crore buyback in January last year.
