Home / Markets / Stock Markets /  TCS 16,000-crore buyback offer opens today, share hits all-time high

India's largest IT services firm's share buyback programme of up to 16,000 crore commences today, on December 18 and will close on January 1. Last month, TCS shareholders had approved a proposal to buy back up to 5.3 crore shares of the company at 3,000 per scrip. Shares of TCS are 2% up today to 2,884. The share has hit its all time high of 2,894.

TCS has decided to buyback up to 5.33 crore equity fully paid-up equity shares having a face value of Re 1 each. A buyback floor price has been set at 3,000 per equity share on a proportionate basis through the tender offer process for an aggregate consideration not exceeding 16,000 crore.

January 3 will be the last date for receipt of completed tender forms and other specified documents, including physical share certificates by the registrar, according to TCS.

The company will settle bids in the buyback plan on January 12 on stock exchanges.

Tata Consultancy Services Ltd (TCS) is training its lens on cloud adoption increasingly driving IT spends across global spends, which shows where the IT industry’s growth is going to come from.

The management talked of greater traction from cloud adoption across all industries, in a meeting with analysts last week. Some segments such as manufacturing and financial services still have lower adoption rates compared to other industries.

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