INSUBCONTINENT EXCLUSIVE:
TCS has said its share buyback offer will open on March 9, 2022New Delhi: Tata Consultancy Services (TCS) informed on Monday that its share
buyback offer worth Rs 18,000 crore will open on March 9 and close on March 23.Last month on February 12, the company had announced the
share buyback programme entailing 4 crore shares at Rs 4,500 each.TCS has fixed April 1, 2022 as the last date for settlement of bids on
stock exchanges which may even happen earlier, according to a Bombay stock exchange (BSE) filing.TCS promoters - Tata Sons and Tata
Investment Corporation Ltd (TICL) - intend to participate in the buyback offer by tendering shares worth about Rs 12,993.2 crore, according
to a company document filed earlier.Tata Sons, which holds about 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, it added.At Rs 4,500 apiece, the two entities will rake in about Rs 12,993.2
crore.An earlier Rs 16,000 crore-buyback of TCS had opened on December 18, 2020, and closed on January 1, 2021
Tata Sons had tendered shares worth Rs 9,997.5 crore during that offer.Over 5.33 crore equity shares were bought at that time (offer price
was Rs 3,000 apiece) and out of the total, Tata Sons' 3,33,25,118 shares were accepted under the buyback offer.In 2018, India's largest IT
services firm repurchased shares worth up to Rs 16,000 crore at Rs 2,100 apiece
A similar exercise was conducted in 2017 as well.
