Tata Consultancy Services’ ₹ 16,000-crore share buyback programme opened today. TCS, the country’s largest IT company, will buy back up to 5.33 crore equity shares at a floor price of ₹ 3,000 apiece. The buyback offer will close on January 1, 2021. TCS shares touched a record high ₹ 2,896.10 on Friday in a subdued market.
In November, TCS shareholders had approved a proposal to buy back up to 5.3 crore equity shares, or 1.4 per cent, of the company’s total paid-up equity share capital at ₹ 3,000 per share for a total amount of up to ₹ 16,000 crore.