TCS Board Approves Buyback Of Up To 5.6 Cr Shares At Rs 2850/sh

TCS board today announced buyback of up to 5.6 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore. The buyback offer constitutes 2.85 percent of total paid-up equity share capital.
The buyback price has been set at Rs 2,850 per share, a 11 percent premium to the current market price.
“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,” TCS told stock exchanges.

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