Tata Consultancy Services (TCS) Ltd on Monday appointed V. Ramakrishnan as the Chief Financial Officer (CFO) of the company.
The decision was informed to the Bombay Stock Exchange (BSE) after the meeting held today in Mumbai.
Issuing a press note after the meet, the company said, "Mr. Rajesh Gopinathan would be taking over as Chief Executive Officer and Managing Director from Mr. N. Chandrasekaran, with effect from February 21, 2017. The term of his appointment is for a period of 5 years."
"Mr. N. Ganapathy Subramaniam would assume the office of Chief Operating Officer and Executive Director, with effect from February 21, 2017," the statement added.
TCS also informed the BSE that it has approved a proposal to buyback up to 5,61,40,351 Equity Shares (Five crore sixty one lakh forty thousand three hundred and fifty one only) of the company for an aggregate amount not exceeding Rs. 16,000 crore (Rupees Sixteen thousand crore only) (hereinafter referred to as the "Buyback Size") being 2.85% of the total paid up equity share capital, at Rs. 2,850 (Rupees Two thousand eight hundred and fifty only) per Equity Share (hereinafter referred to as the "Buyback Price").
"The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as the "Buyback Regulations") and the Companies Act, 2013 and rules made there under," the statement said.
"The Buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses. The Buyback is subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.