New Delhi: Tata Investment Corporation Friday said the board has approved buy-back of up to 45 lakh shares aggregating a sum of 450 crore.

The board of directors of the company at its meeting held Friday approved the buy-back of the shares amounting to 8.17% of the total paid-up equity share capital at 1,000 per equity share, Tata Investment Corporation said in a regulatory filing.

The buy-back 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 in accordance with the Sebi guidelines, it added.

The size of the buy-back does not include any expenses incurred or to be incurred in the exercise such as fees for filing and advisory, public announcement publication expenses, printing and dispatch expenses, it added.

The company said the buy-back is subject to approval of its shareholders to be taken as a special resolution through a postal ballot.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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