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