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Seven software companies in India have either announced or discussed buyback of shares programme within a span of 45 days, between January 31, 2017, and March 15, 2017. Excepting one company (Mindtree), others have also declared the size of buyback totalling US$5.8 billion. The seven companies have more than US$23 billion in cash, cash equivalents and short-term investments. Therefore, the proposed buyback amounts to 30 per cent of the free cash available with these companies. TCS has announced India’s biggest buyback offer till date (Rs 160 billion) surpassing Reliance Industries Ltd’s buyback offer of Rs 104 billion in 2012. The
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