 "Tata Consultancy Services completes its Rs 160-billion share buyback")
Tata Consultancy Services (TCS) Wednesday said it completed its Rs 160 billion share buyback on September 21.
The Mumbai-based company had in June this year announced buyback of up to 76.1 million equity shares from existing shareholders at a price of Rs 2,100 per equity share with the overall consideration not exceeding Rs 160 billion.
The tendering period for the buyback offer opened on September 6, 2018 and closed on September 21, 2018, TCS said in a regulatory filing.
"(A total of) 7,61,90,476 equity shares were bought back under the buyback... The total amount utilised in the buyback is Rs 1,59,99,99,99,600, excluding transaction costs...," it added.
The buyback offer saw subscription of approximately 1.47 times the maximum number of equity shares proposed to be bought back, it added.
The filing said 49.7 million shares held by Tata Sons, 2,665,000 shares offered by RBC Emerging Markets Equity Fund and 2,631,000 shares by Copthall Mauritius Investment Limited were accepted under the buyback.
Also Read
Pursuant to the buyback, 7,61,90,476 equity shares of the company were extinguished, it said.
TCS had announced the mega buyback offer, its second in as many years, as part of its long-term capital allocation policy of returning excess cash to the shareholders.
TCS Managing Director and Chief Executive Rajesh Gopinathan had said the company, since its listing in 2004, has returned 60 per cent of the total cash flows or Rs 981.92 billion to the shareholders either through dividend payouts or share buybacks.