Image Source : FILE TCS buyback provide: Tata Sons tenders shares price Rs 9,997 crore
Tata Sons tendered shares price Rs 9,997 crore of Tata Consultancy Services (TCS) through the IT main’s Rs 16,000 crore-buyback provide that concluded lately. The single largest shareholder of TCS, Tata Sons tendered greater than 3.33 crore shares through the provide, in line with a regulatory submitting.
TCS stated over 5.33 crore fairness shares had been purchased again below the provide at a worth of Rs 3,000 apiece and out of the entire, Tata Sons’ 3,33,25,118 shares had been accepted below the buyback provide.
The whole quantity utilised for the buyback provide — which opened on December 18, 2020 and closed on January 1, 2021 — was round Rs 16,000 crore, as per the submitting.
The shares tendered by Tata Sons had been price Rs 9,997.5 crore.
Among others, Life Insurance Corporation of India (LIC) and RBC Emerging Markets Equity Fund tendered round 16.69 lakh shares and seven.69 lakh shares of TCS, respectively.
Late final 12 months, TCS CEO and Managing Director Rajesh Gopinathan stated the corporate is concentrated on its coverage to return capital to shareholders.
The Mumbai-based firm’s money reserves stood at Rs 58,500 crore as of September 2020.
In October 2019, TCS’ board declared a particular dividend of Rs 40 per fairness share. In 2018, TCS had undertaken a share buyback of about Rs 16,000 crore, whereas it had performed an identical share buy train in 2017 additionally.
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