TCS fixes record date for ₹16,000 crore share buyback: 5 points
TCS had said that the share buyback will take place through a tender route. TCS plans to buy back up to 7.61 crore shares at a price of ₹2,100 a share.
India’s biggest IT services company TCS has announced 18 August, 2018, as the record date for buyback of shares. TCS shareholders will be able to participate in the buyback, if they holds shares in their demat accounts as on the record date. This announcement was made on Saturday. TCS shares closed on a flat note today, falling 0.07% on the BSE to ₹ 1,976. In comparison, the Sensex ended 0.36% higher today. A buyback is a mechanism through which a company repurchases a specific amount of its outstanding shares. Buybacks help to improve the earnings per share and return on equity.