In its latest filings to the Securities and Exchange Board of India, Tata Consultancy Services said that members of the company have approved the Buyback by passing a special resolution through postal ballot.
“The company has fixed Saturday, November 28, 2020, as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the Buyback,” the company filing said.
On October 7, India’s largest IT services firm announced a share buyback proposal of Rs 16,000 crores.
The board of TCS has decided on Rs 3,000 per equity share for an aggregate amount not exceeding Rs 16,000 crore (excluding taxes and related expenses). They have also approved to buy back up to 5,33,33,333 equity shares and being 1.42 percent of the total paid-up equity share capital.
Tata Consultancy Services Limited is an Indian multinational information technology services and consulting company headquartered in Mumbai, Maharashtra, India. It is a subsidiary of the Tata Group and operates in 149 locations across 46 countries. TCS is the second-largest Indian company by market capitalization.