TCS buyback offer opens, stock moves up 1.6 pc

IT software major TCS has decided to buyback up to 5.33 crore equity fully paid-up equity shares having a face value of Re 1 each.

Mumbai: The share price of IT software major Tata Consultancy Services (TCS) added 1.6 per cent on Friday morning as the company's Rs 16,000 crore share buyback offer opened for investors.

TCS has decided to buyback up to 5.33 crore equity fully paid-up equity shares having a face value of Re 1 each.

A buyback floor price has been set at Rs 3,000 per equity share on a proportionate basis through the tender offer process for an aggregate consideration not exceeding Rs 16,000 crore.

The offer as per the schedule will close on January 1. TCS said that January 3 will be the last date for receipt of completed tender forms and other specified documents, including physical share certificates by the registrar.

The company will settle bids in the buyback plan on January 12 on stock exchanges.

At 10:30 am, TCS stock was trading 1.62 per cent higher at Rs 2,884.30 per unit.

(ANI)