Mumbai, May 19: Tata Consultancy Services Ltd (TCS) commenced the buyback of its 5.6 crore shares at Rs 2,850 per equity share of Re 1 face value for Rs 16,000 crore, according to global software major.
“The buyback period, which began on Thursday, will close on May 31. The letter of offer for the buyback of shares, being 2.85 per cent of the total paid-up equity share capital, has been sent to eligible shareholders by May 16,” said a company official.
The completed tender forms, including share certificates is June 2 and settlement of bids on the stock exchange is June 9.
The company’s blue-chip scrip closed on the BSE at Rs 2,534.10, gaining Rs 82.75 and trading at a high of Rs 2,565.75 and a low of Rs 2,443.05 during the intra-day trading.
The company’s board decided by a special meeting on February 20 to buyback the shares at Rs 2,850 per share of Re 1 face value.
On February 20, by special resolution on buyback of the equity shares more than 99 per cent of its investors voted in favour.
73.31 per cent of the equity owns by the promoter (Tata Group) followed by FII, FPI, NRIs, foreign national and OCB 16.89 per cent, Indian FIs, banks and mutual funds 5.31 per cent, resident individual and others 3.80 per cent, bodies, corporate, LLP, Trust and NBFC 0.59 per cent and clearing members 0.10 per cent.
A total of 6,36,975 institutional and individual investors hold the company’s 19.7-crore equity shares.