TCS board mulls share buyback programme, to meet on Friday

The company had bought back 56.14 million equity shares, representing around 3% of its total equity for around Rs 160 billion

Tata Consultancy Services (TCS), the country’s largest information technology services company, is mulling a share buyback programme. In a regulatory filing to exchanges late on Tuesday, TCS said its Board will consider a proposal for buyback of equity shares of the company, at its meeting on June 15. 

During a recent media interaction, the Mumbai-headquartered company’s Chief Executive Officer Rajesh Gopinathan had said the company would distribute 80-100 per cent of its free reserves and free cash generated in a year to shareholders. 

Last year, the company had launched a share buyback programme, much in the line with Cognizant, Infosys and HCL Technologies, amid slowing growth in the sector that was plaguing investors. The company had bought back 56.14 million equity shares, representing around 3 per cent of its total equity for around Rs 160 billion.