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Title : Tata Consultancy Services(TCS) shareholders approve Rs 16,000 cr share buyback Monday April 17,2017
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Tata Consultancy Services(TCS) shareholders approve Rs 16,000 cr share buyback Monday April 17,2017

Tata Consultancy Services (TCS) shareholders on Monday April 17,2017 approved the company’s ₹16,000-crore share buyback plan.

TCS, India’s largest software exporter, made the announcement in February when its board approved a plan to buy back up to 5.61 crore equity shares for an aggregate price not exceeding ₹16,000 crore.

The share buyback programme saw 99.81 per cent of the total number of valid votes being cast in favour of the proposal, the company said in a filing with stock exchanges.

The proposed shares under the buyback represent 2.85 per cent of the total paid-up equity share capital at ₹2,850 per equity share.

The buyback will be on a proportionate basis under the tender offer route, using the stock exchange mechanism, the company said in a filing in February. This is the biggest buyback in the history of India’s capital markets, surpassing Reliance Industries’ share repurchase of ₹10,400 crore in 2012

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