The buyback size amounts to 1.08 per cent of the total paid-up equity share capital. The company said it will buy shares at Rs 4,500 per share, a premium of 16.67 per cent over the last trading price.
“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. The buyback size does not include transaction costs, applicable taxes and other incidental and related expenses,” the company said in a statement.
The buyback is subject to the approval of the shareholders through 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 buyback regulations, TCS said.
The buyback is in addition to Rs 7 per share third interim dividend that the cash-rich company announced on Wednesday.
Ahead of the buyback, 9 promoter entities hold 72.19 per cent in TCS. Banks, mutual funds and insurance companies held 7.8 per cent while FPIs and FIIs held 15.23 per cent stake in the firm. Retail investors hold about 3.88 per cent.
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