Tata Sons, TICL to participate in TCS mega buyback offer, to sell shares worth Rs 12,993 crore

NEW DELHI: Tata Consultancy Services promoters – Tata Sons and Tata Investment Corporation Ltd (TICL) – intend to participate in the IT services major’s Rs 18,000 crore buyback offer by tendering shares worth about Rs 12,993.2 crore.
On Wednesday, the TCS board approved an up to Rs 18,000 crore buyback offer entailing 4 crore shares at Rs 4,500 apiece.
According to a postal ballot notice by the company, Tata Sons and TICL intend to participate in the buyback offer.
Tata Sons, which holds about 266.91 crore shares, intends to tender 2.88 crore shares, while TICL (which holds 10,23,685 shares) intends to tender 11,055 shares, it added.
At Rs 4,500 apiece, the two entities stand to rake in about Rs 12,993.2 crore. TCS is seeking shareholder approval by way of special resolution for buyback of equity shares of the company.
The remote e-voting period will commence from January 14, 2022…

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