 "TCS surges 6% as board approves share buyback proposal")
Tata Consultancy Services (TCS) has moved higher by 6% to Rs 2,555 on the National Stock Exchange (NSE) in late noon deals, after the company’s board has approved a proposal to buyback up to 56.14 million equity shares at Rs 2,850 per share through tender offer.
“The board has approved a proposal to buy back up to 56.14 million equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, being 2.85% of the total paid up equity share capital, at Rs 2,850 per equity share,” TCS said in a stock exchanges filing.
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, it added.
At 03:25 pm; the stock was up 5% at Rs 2,538 on the NSE. A combined 1.92 million shares changed hands on the counter on the NSE and BSE so far.
“The board has approved a proposal to buy back up to 56.14 million equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, being 2.85% of the total paid up equity share capital, at Rs 2,850 per equity share,” TCS said in a stock exchanges filing.
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, it added.
At 03:25 pm; the stock was up 5% at Rs 2,538 on the NSE. A combined 1.92 million shares changed hands on the counter on the NSE and BSE so far.
