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Promoters to Participate in TCS' Rs 16,000-cr Buyback Offer

Tata Consultancy Services on Wednesday said its promoters intend to participate in its proposed Rs 16,000-crore buyback offer.

Press Trust Of India

Updated:March 1, 2017, 10:02 PM IST
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Promoters to Participate in TCS' Rs 16,000-cr Buyback Offer
Representative image. (Reuters)
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New Delhi: Tata Consultancy Services on Wednesday said its promoters intend to participate in its proposed Rs 16,000-crore buyback offer.

Last month, the country's largest software exporter had announced a Rs 16,000 crore share buyback offer -- the biggest in the Indian capital market so far.

"In terms of the SEBI Buyback Regulations, under tender offer route, the promoters have the option to participate in the buyback. We would like to inform that the Promoter and Promoter Group of the company have communicated their intention to participate in the proposed buyback," TCS said in a filing.

The buyback is subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the SEBI Buyback Regulations, it said.

TCS had said its Board had approved buyback of up to 5.61 crore shares, or 2.85 per cent of its share capital, at Rs 2,850 apiece.

The share buyback, if successful, will be India's biggest, surpassing Reliance Industries' 2012 share repurchase of Rs 10,400 crore.

TCS has a cash pile of Rs 43,169 crore, which is nearly 10 per cent of the company's market capitalisation.

Share buybacks typically improve earnings per share and return surplus cash to shareholders while also supporting share price during periods of sluggish market condition.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Huma Tabassum
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