The board of India’s largest software services exporter, Tata Consultancy Services (TCS), approved a buy-back of Rs. 2,506.5 in a firm Mumbai market on Monday, valuing the company at Rs. The TCS board approved the buy-back of up to 5.61 crore equity shares of the company, reflecting 2.85% of the total paid-up equity share capital, for an aggregate amount not exceeding Rs. Prominent shareholders of another competitor, Infosys, have also been demanding that their board consider a buy-back. TCS had cash, cash equivalents including short-term investments of $5.69 billion on its books with free cash flow exceeding $1 billion in the third quarter alone.

Source: The Hindu February 21, 2017 00:31 UTC