TCS Rs. 17000 Crore Buyback News : Stock Jumps 5% In 3 Days

The IT company will buy back up to 40.96 million fully paid-up equity shares with a face value of Re 1 each at Rs 4,150 a share for a total amount not exceeding Rs 17,000 crore.

• Tata Consultancy Services (TCS), India’s biggest IT services player has set November 25 as the record date for its Rs 17,000-crore share buyback plan. The idea is to determine the eligibility of shareholders who can participate in the process.
• The stock price has risen around 5.5 percent since the last 3 days and was trading at Rs 3,518.45 per share at 12:01 PM on NSE.
• “The company has fixed Saturday, November 25, 2023, as the Record Date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback”, the company said in a BSE filing.
• The IT company will buy back up to 40.96 million fully paid-up equity shares with a face value of Re 1 each at Rs 4,150 a share for a total amount not exceeding Rs 17,000 crore.

Meanwhile, this is the IT firm’s fifth share buyback in six years, rewarding investors with the increasing cash in its reserves. 

TCS bought back its shares in 2017, 2018, 2020, and 2022. The IT heavyweight, valued at over Rs 13 lakh crore, has, so far, bought back shares worth Rs 66,000 crore.

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