TCS said 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. Photo: MintNew Delhi: India’s largest software services firm Tata Consultancy Services Ltd (TCS) on Monday said its board has approved a share buyback plan of up to Rs16,000 crore. The Tata Group company said the proposed shares represent 2.85% of the total paid up equity share capital at Rs2,850 per equity share. “Tata Consultancy Services (TCS) Board of Directors has approved a proposal to buyback up to 5.61 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore,” TCS said in a BSE filing. The buyback is subject to approval of the members by means of a special resolution through a postal ballot, it said.

Source: Mint February 20, 2017 10:14 UTC