TCS board approves up to Rs 160 billion share buyback plan

The buyback, at Rs 2,100 per equity share, entails up to 76.1 million shares or 1.99 per cent of the total paid up equity share capital

The Board of Indian IT major Tata Consulting Services (TCS) on Friday approved to buy back 7,61,90,476 equity shares of Re 1 face value at Rs 2,100 per share for about Rs 160 billion.

"The buyback size is 1.99 per cent of the total paid-up equity share capital," the city-based firm said in a regulatory filing on the BSE.

This is the second time the global software major is resorting to buy back its shares after it bought 5.61-crore shares in April 2017 for Rs 160 billion at Rs 2,850 per share.

"The buyback will be on a proportionate basis