Tata Investment Corporation Limited intends to tender 11,358 shares. The company proposes to buy back up to 4.09 crore equity shares at Rs 4,150.
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BENGALURU: The country’s largest IT services company Tata Consultancy Services (TCS) on Tuesday announced that its share buyback will start on December 1 and end on December 7, and Tata Sons intends to tender about 2.96 crore of its shares in the company worth over Rs 12,200 crore.
Tata Investment Corporation Limited intends to tender 11,358 shares. The company proposes to buy back up to 4.09 crore equity shares at Rs 4,150. The equity shares to be bought back pursuant to the buyback represents 1.12% of the total issued and paid-up equity share capital as on September 30, 2023.
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“Assuming full acceptance, the funds that would be employed by the Company for the purpose of the Buyback of 4,09,63,855 Equity Shares at a price of Rs 4,150 per equity share would not exceed Rs 17,000 crore excluding transaction costs, applicable taxes, other incidental and related expense,” it said in the exchange filing.
Post buyback, promoter and promoter companies’ shareholding will change from 72.3% to 72.41%. “Aggregate shareholding of the promoters/promoter companies after completion of the buyback shall be 72.41% of the post-buyback total paid-up equity share capital of the company, and the aggregate public shareholding of the company shall be 27.59% of the post-buyback total paid-up equity share capital of the company,” it said.
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TCS bought back shares for the first time in 2017. It acquired shares valued at Rs 16,000 crore at 18% premium. In 2020, it had bought back shares worth Rs 16,000 crore.
