TCS board approves proposal to buy back up to 76 mn shares worth Rs 160 bn

At Rs 2,100 a share, this will mean a 15% premium over its current market price

The board of directors of Tata Consultancy Services (TCS), the country’s largest information technology services provider, on Friday approved a proposal to buy back up to 76 million equity shares worth about Rs 160 billion. The buyback price has been fixed at Rs 2,100 a share, a 15 per cent premium over its current market price. The promoters’ holding in the company now stands at 71.92 per cent.

This is the second year in a row when the Mumbai-headquartered firm has decided to go ahead with a share buyback programme in a bid to return excess cash to its shareholders.