TCS shareholders approve Rs 16,000 cr share buyback

The buyback programme, which was passed through a special resolution, saw 99.81 percent of the total number of valid votes being cast in favour of the proposal, the company said in a regulatory filing.

PTI April 17, 2017 17:56:58 IST
TCS shareholders approve Rs 16,000 cr share buyback

New Delhi: India's largest software services firm TCS today said its shareholders have approved a Rs 16,000 crore share buyback plan.

TCS shareholders approve Rs 16000 cr share buyback

Reuters

The buyback programme, which was passed through a special resolution, saw 99.81 percent of the total number of valid votes being cast in favour of the proposal, the company said in a regulatory filing.

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

In February, the board of TCS had approved the proposal to buy back up to 5.61 crore equity shares for an aggregate amount not exceeding Rs 16,000 crore.

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, TCS had said earlier.

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