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TCS Share Buyback Offer Closes Today, Generating Good Response


The TCS share buyback plan has generated good response

The RM18,000 crore share buyback program of India’s largest IT services company Tata Consultancy Services’ (TCS) is scheduled to end today at 5pm.

TCS launched a buyback offer on March 9, 2022. It was the company’s fourth offer.

According to its regulatory data, as of 4 p.m. on March 22, shareholders had split with about 220 million shares under a buyback offer.

As per the report, the execution undertaken by TCS is counted among the largest equity buybacks offered in the country. Under this, TCS intends to buy back 4 crore shares, which is equivalent to 1.1 per cent of its total equity.

Repurchases are underway at Rs 4,500 per share.

The offer has generated encouraging response from investors as there is a 5.5 times oversubscription to the issue size even though there are a few more hours before the offer closes today at 5pm.

TCS previously said that in the reserves category for small shareholders, the buyback ratio would be one equity share for every seven equity shares held at the record date.

In the general category for all other eligible shareholders, the buyback ratio is one equity share for every 108 equity shares held at the record date, the company has informed.

Agrasmartcity

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