New Delhi: India’s largest software services firm TCS on Monday said its shareholders have approved a Rs16,000 crore share buyback plan. The buyback programme, which was passed through a special resolution, saw 99.81% of the total number of valid votes being cast in favour of the proposal, the company said in a regulatory filing.
The proposed shares under the buyback represent 2.85% of the total paid up equity share capital, at Rs2,850 per equity share. In February, the board of TCS had approved the proposal to buy back up to 5.61 crore equity shares for an aggregate amount not exceeding Rs16,000 crore. 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, TCS had said earlier.