Over 99 per cent TCS investors approve share buyback

Over 99 per cent of investors of Tata Consultancy Services Ltd (TCS) voted in favour of its special resolution on buyback of 5.61 crore equity shares of Re 1 face value for Rs 16,000 crore, said the software major on Monday.

"In all, 7,341 members voted in favour of the resolution and 577 against it through electronic voting system and physical ballot form between March 17 and April 15," said the city-based IT firm in a regulatory filing on the BSE and NSE.

With 179,68,85,635 shares cast in favour, the total number of valid votes case is 99.81 per cent, while the number of shares against were 34,85,059 or 0.19 per cent of the valid votes cast.

Votes of 341 members or investors and their 37,788 shares were declared invalid.

The company's board decided at a special meeting here on February 20 to buyback the specified number of shares at Rs 2,850 per share of Re 1 face value.

The buyback was made from the shareholders on a proportionate basis through the tender offer route using the stock exchange mechanism in accordance with the provisions in the SEBI Regulations, 1998, and the Companies Act, 2013.

As per the pre-buyback shareholding pattern on February 17, the promoter (Tata Group) owns 73.31 per cent equity shares in the software major, followed by FII, FPI, NRIs, foreign national and OCB 16.89 per cent, Indian FIs, banks and mutual funds 5.31 per cent, resident individual and others 3.80 per cent, bodies, corporate, LLP, Trust and NBFC 0.59 per cent and clearing members 0.10 per cent.

A total of 6,36,975 institutional and individual investors hold the company's 19.7-crore equity shares.

--IANS

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