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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

BS Reporter  |  Bengaluru 

TCS, Tata Consultancy Services

(TCS), the country’s largest information technology services company, is mulling a programme. In a regulatory filing to exchanges late on Tuesday, said its will consider a proposal for 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 programme, much in the line with Cognizant, 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.

First Published: Wed, June 13 2018. 00:46 IST
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