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TCS shareholders approve Rs 16,000-cr share buyback proposal

The buyback represents 2.85% of the total paid up equity share capital at Rs 2,850 per equity share

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Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai

Press Trust of India New Delhi

Last Updated : Apr 17 2017 | 5:27 PM IST

India's largest software services firm TCS today said its shareholders have approved a Rs 16,000 crore share buyback plan.

The buyback programme, which was passed through a special resolution, saw 99.81% of the total number of valid votes being cast in favour of the proposal, the company said in a regulatory filing.

The proposed shares under the buyback represent 2.85% of the total paid up equity share capital at Rs 2,850 per equity share.

In February, the board of TCS had approved the proposal to buy back up to 5.61 crore equity shares for an aggregate amount not exceeding Rs 16,000 crore.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism, TCS had said earlier.