TCS board approves buyback of 2.85% of equity capital worth Rs 16,000

New Delhi: The board of India's largest software services firm TCS on Monday approved a share buyback plan of up to Rs 16,000 crore.

The company announced buyback up to 5.61 crore shares at Rs 2,850 per share. The proposed shares represent 2.85 percent of the total paid up equity share capital.

The company said in a BSE filing that the buyback is proposed to be made from the shareholder of the comoany on a proportioate basis under the tender offer route using the stock exchange mechanism. 

The buyback is subject to the shareholder approval. As per the buyback rule any proposal involving less than 5 percent of shares calls for shareholder approval. The special resolution will be conducted through postal ballot.The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

With PTI inputs