Cash in: TCS to consider share buyback on Jan 12 – Bharat Times Hindi News

In 2017 and 2018 as well, TCS did similar share buybacks, making it the fourth buyback by the company.

Tata Consultancy Services ,TCS) said on Friday that its board would consider the buyback proposal on January 12. However, he did not reveal any other details of the proposal.

The company’s board is scheduled to meet on January 12 to approve and take on record the financial results for the October-December quarter. TCS will also consider declaration of third interim dividend to equity shareholders during the board meeting.

The company’s previous buyback of Rs 16,000 crore was open on December 18, 2020 and closed on January 1, 2021.

In 2017 and 2018 as well, TCS did similar share buybacks, making it the fourth buyback by the company.

Other IT companies like Infosys And Wipro Share buybacks are also done to return the surplus cash on their books to the shareholders. In September last year, Infosys said it has bought back over 5.58 crore equity shares under a buyback offer of around Rs 9,200 crore. The process – conducted through the open market through Indian stock exchanges – shares were bought back in the range of Rs 1,538.10 and Rs 1,750. Wipro also completed a buyback of Rs 9,500 crore in January last year.

Mukul Garg, Sector Analyst, Motilal Oswal said, “TCS has been issuing buybacks and dividends every year for the last few years to return capital to the shareholders.

As per SEBI norms, the maximum limit for buyback should be 25% or less of the aggregate of the paid-up capital and free reserves of the company.

On a consolidated basis, TCS had cash and equivalents of Rs 48,840 crore as of September 2021, and shareholders’ fund stood at Rs 99,077 crore, data from Bloomberg showed.

On Friday, TCS shares closed at Rs 3,854.85 per share, up 1.26% on the BSE.

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