Tata Investment Corporation informed the BSE that the board approved the buyback of up to 450 million equity shares in the meeting held on Friday for an aggregate amount of Rs 4.5 billion.
The board approved the buyback of the shares amounting to 8.17 per cent of the total paid-up equity share capital at Rs 1,000 per equity share, the firm said in the regulatory filing.
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 Securities and Exchange Board