The board of directors of Tata Consultancy Services (TCS), which met today, approved a proposal to issue and allot non-convertible redeemable preference shares up to Rs 100 crore to Tata Sons, the promoters of the company, subject to the approval of shareholders.According to a release issued by TCS to the BSE today, the exact terms and conditions of the preference shares shall be decided by a committee of the board of directors."Accordingly, the board has also proposed to amend the memorandum and articles of association of the company to amend and increase the authorised capital of the company as also to insert the terms of the preference shares in the articles of association. The approval of the shareholders for the aforesaid issue of preference shares is sought to be taken by postal ballot," the release added.
