TCS has set November 25 as the record date for a Rs 17,000 crore buyback.
The record date for Tata Consultancy Services Ltd.’s Rs 17,000 crore buyback has been set for November 25. In October, India’s biggest IT services firm announced that it would buy again up to 4.09 crore stock, representing 1.12% of total paid-up equity capital. This is the business’s fifth such offer since 2017.
The repurchase price is Rs 4,150 per unit. Prior to the announcement, the stock closed at Rs 3,408.60 per share on Wednesday. Since the repurchase announcement on October 11, the stock has dropped 3.9%. The purchase offer price is 20.45% and 20.26% higher than the volume weighted mean market price of the shares of stock on the BSE and NSE in the three months before the date.of intimation of the buyback, according to the shareholder report.Currently, the promoter stake in the IT giant is 72.30.
The buyback is proposed as being made on a proportionate basis from existing shareholders via the tender offer path, using the stock market’s mechanism. The move is part of the business’s plan to increase shareholder value.
The other two repurchases, totaling Rs 16,000 crore, were completed in 2017 and 2018. TCS shares closed 2.2% higher on the Indian National Stock Exchange on Wednesday, at Rs 3,404.30. Thus far in 2023, the share price has gained a little more than 4%, trailing the Nifty 50, which has achieved about 9%.
For more information, stay updated with – Newsonline.media
