MUMBAI - Tata Consultancy Services (NS:TCS), a leading global IT services, consulting and business solutions organization, concludes its Rs 17,000 crore share buyback today. The repurchase plan, which started on December 1, targeted approximately four crore shares at an offering price of Rs 4,150 per share. This price is a fifteen percent premium over the closing rate of the previous session.
The buyback attracted significant interest from investors, with subscriptions on the Bombay Stock Exchange (BSE) exceeding twenty-one crore shares by yesterday evening. TCS had set November 25 as the record date for determining the eligibility of shareholders to participate in the buyback.
The shares bought back represented 1.12% of the total issued equity capital. Small shareholders were entitled to one share for every six held, while general shareholders had an entitlement rate of two shares for every two hundred and nine held. The initiative was part of TCS's strategy to return surplus cash to its shareholders and to improve earnings per share by reducing the equity base.
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