Transport Corporation of India (NSE:TCI) Board approves Rs 150-crore share buyback at Rs 960 apiece; check record date

The Board of Transport Corporation of India Ltd (TCI) on Tuesday approved a proposal to buy back up to 15,62,500 fully paid-up equity shares at Rs 960 per share, for an aggregate amount not exceeding Rs 150 crore.

The proposed buyback represents up to 2.03 per cent of the company's total paid-up equity share capital. The shares, which have a face value of Rs 2 each, will be bought back through the tender offer route from eligible equity shareholders or beneficial owners as on the record date.

The company said the buyback will exclude promoters and members of the promoter group, as well as shareholders who may be specifically prohibited under applicable laws. The buyback will be carried out on a proportionate basis in accordance with the Securities and Exchange Board of India's (Sebi's) Buy-Back of Securities Regulations, 2018, and the Companies Act, 2013.

TCI has fixed October 9, 2026, as the record date for determining the entitlement and eligibility of shareholders to participate in the buyback.

The promoters and promoter group have informed the company through a letter dated September 29, 2026 that they do not intend to participate in the buyback.

The company said the board or buyback committee may, up to one working day before the record date, increase the buyback price and correspondingly reduce the number of shares proposed to be bought back, while keeping the overall buyback size unchanged.

The Rs 150-crore buyback size represents 6.76 per cent of the aggregate of the fully paid-up equity share capital and free reserves based on the company's audited standalone financial statements as of March 31, 2026. On a consolidated basis, it represents 6.15 per cent. Transaction costs and other expenses related to the buyback are excluded from the stated buyback size.

TCI said the public announcement and letter of offer, containing the process, timelines and other details, will be released in due course.

Separately, the board also approved the incorporation of a wholly-owned subsidiary in the People's Republic of China. According to the company, the proposed entity is part of its strategy to expand its international logistics network across key global trade corridors.

Shares of Transport Corporation of India were trading almost flat in Tuesday's session, up 0.22 per cent at Rs 866.75.