You are here: Home » Companies » News
Business Standard

TCS shareholders approve up to Rs 16,000-crore share buyback plan

The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer

Topics
TCS | Share buybacks | Shareholders

Press Trust of India  |  New Delhi 

Tata Consultancy Services (TCS)

India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its have approved its up to Rs 16,000 crore share buyback plan.

Last month, TCS' board of directors had approved a proposal to buy back up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore.

"....the members of the company have duly passed the special resolution approving the Buyback," said in a regulatory filing on Wednesday.

The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.

There was 100 per cent voting in favour of the proposal by the promoters, 98.11 per cent by public institutional and 98.43 per cent by other

TCS' smaller rival Wipro has also announced an up to Rs 9,500-crore buyback plan at Rs 400 per equity share.

CEO and Managing Director Rajesh Gopinathan had earlier said the company is focused on its policy to return capital to shareholders.

The Mumbai-based company's cash reserves stood at Rs 58,500 crore as of September 2020.

Last year, had offered a special dividend and this time it is undertaking a buyback, he had noted.

In October last year, TCS' board had declared a special dividend of Rs 40 per equity share.

In 2018, TCS had undertaken a share buyback of about Rs 16,000 crore.

In 2017 too the company had conducted a similar share purchase exercise.

The company had said its buyback offer was part of its long-term capital allocation policy of returning excess cash to shareholders.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 18 2020. 22:55 IST
RECOMMENDED FOR YOU
.