TCS Rs 18,000 crore buyback subscribed 5.5 times a day before close

Tata group flagship firm is buying back 40 mn shares, or 1.08% of its equity at Rs 4,500 a share. That's a premium of over 21% to CMP

The Rs 18,000-crore share buyback programme of Tata Consultancy Services, India’s second-most valuable firm, has drawn a large number of shareholders.

On Tuesday, 220 million shares were tendered,  5.5 times the company intends to repurchase. The Tata group flagship firm will buy back 40 million shares, or 1.08 per cent of its equity. The buyback is being done at Rs 4,500 per share—over 21 per cent premium to current market price. Shares of TCS last closed at Rs 3,701. The tender route buyback, which commenced on March 9, ends tomorrow.

As per an analysis done by Edelweiss Alternative Research, the