TCS Board to consider buyback proposal on January 12


PTI, Jan 8, 2022, 9:26 AM IST

India’s largest IT firm Tata Consultancy Services (TCS) on Friday said its Board will consider a buyback proposal on January 12.

“…the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on January 12, 2022,” a regulatory filing said.

No other details of the buyback proposal were disclosed.

The Board of the Mumbai-based company is scheduled to meet on January 12 to approve and take on record the financial results of the company for the third quarter and nine months ending December 31, 2021.

At the end of the September 2021 quarter, TCS had cash and cash equivalents of Rs 51,950 crore.

On Friday, TCS shares closed 1.26 per cent higher at Rs 3,854.85 on BSE.

TCS’ previous buyback offer of around Rs 16,000 crore had opened on December 18, 2020, and closed on January 1, 2021. Over 5.33 crore equity shares were bought back under the offer for Rs 3,000 apiece.

In 2018, TCS had undertaken a share buyback programme worth up to Rs 16,000 crore. The buyback, at Rs 2,100 per equity share, had entailed up to 7.61 crore shares. In 2017 too, TCS had taken a similar share purchase programme.

Smaller peers like Infosys and Wipro have also undertaken buyback programmes to return surplus cash on their books to shareholders.

In September last year, Infosys had said it has bought back over 5.58 crore equity shares as part of its about Rs 9,200 crore buyback offer.

The process – conducted via open market through Indian stock exchanges – saw shares being bought back in the range of Rs 1,538.10 and Rs 1,750.

Wipro had also completed a Rs 9,500 crore buyback in January last year.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Hakay Akshay Machindra appointed SP of Udupi

Coal stocks at thermal power stations to last 17 days, says senior official

Delhi court sends ISIS operative to judicial custody

Youngster dies in bike accident while returning from ‘Agnipath’ rally

Gold worth Rs 1.21 crore seized at Chennai airport, flyer arrested

SBI launches its first dedicated branch for start-ups in Bengaluru

Teenager sexually abuses 5-year-old cousin sister


Related Articles More

SBI launches its first dedicated branch for start-ups in Bengaluru

Amul, Mother Dairy to hike milk prices by Rs 2 per litre from Wednesday

WPI inflation eases to 13.93 pc in Jul

Markets trade firm; Sensex climbs over 395 points in early trade

Bullish on retail sector, Lulu Group plans to develop more shopping malls in India

MUST WATCH

NEWS BULLETIN 16-08-2022

Independenceday function

Congress Freedom March

NEWS BULLETIN 15-08-2022

144 Section at Shivamogga


Latest Additions

Hakay Akshay Machindra appointed SP of Udupi

Coal stocks at thermal power stations to last 17 days, says senior official

Hockey India mess: FIH delegation in India, to hold meeting with CoA on Wednesday

Delhi court sends ISIS operative to judicial custody

Kashmiri Pandit killing: Villagers take out procession to cremation ground

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.