The Tata Consultancy Services stock rose 4 per cent on Monday after its board of directors approved a proposal to buyback up to 5,61,40,351 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore
The buyback size is 2.85% of the total paid up equity share capital, at Rs 2,850 per equity share.
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 in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as the "Buyback Regulations") and the Companies Act, 2013 and rules made thereunder.
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The buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses, TCS said.
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The stock closed 4.08 per cent or 98.35 points higher at 2506.50 points on the BSE. It rose during the last 15 minutes of Monday trade after trading in a range of 2,419 to 2,452 points through the day.
The announcement was made at around 1515 hours.
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