TCS begins buyback of 5.61 cr shares

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Mumbai, May 18 (IANS) Tata Consultancy Services Ltd (TCS) on Thursday commenced the buyback of its 5.6 crore shares for Rs 16,000 crore at Rs 2,850 per equity share of Re 1 face value, the global software major said on Thursday.

“The buyback period, which began on Thursday, will close on May 31. The letter of offer for the buyback of shares, being 2.85 per cent of the total paid-up equity share capital, has been sent to eligible shareholders by May 16,” said a company official.

In a regulatory filing on Tuesday, the IT bellwether said the last date for receiving the completed tender forms, including share certificates is June 2 and settlement of bids on the stock exchange is June 9.

The company’s blue-chip scrip closed on the BSE at Rs 2,534.10, gaining Rs 82.75 (3.38 per cent) over Wednesday’s closing price of Rs 2,451.35 after opening at Rs 2,451 and trading at a high of Rs 2,565.75 and a low of Rs 2,443.05 during the intra-day trading.

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The company’s board decided at a special meeting here on February 20 to buyback the specified number of shares at Rs 2,850 per share of Re 1 face value.

Over 99 per cent of its investors voted in favour of its February 20 special resolution on buyback of the equity shares.

As per the pre-buyback shareholding pattern on February 17, the promoter (Tata Group) owns 73.31 per cent equity shares in the software major, followed by FII, FPI, NRIs, foreign national and OCB 16.89 per cent, Indian FIs, banks and mutual funds 5.31 per cent, resident individual and others 3.80 per cent, bodies, corporate, LLP, Trust and NBFC 0.59 per cent and clearing members 0.10 per cent.

A total of 6,36,975 institutional and individual investors hold the company’s 19.7-crore equity shares.

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