India's largest software services firm TCS today said its Board has approved a share buyback plan of up to Rs 16,000 crore.
The Tata Group company said the proposed shares represent 2.85 per cent of the total paid up equity share capital at Rs 2,850 per equity share.
"Tata Consultancy Services (TCS) Board of Directors has approved a proposal to buyback up to 5.61 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore," TCS said in a BSE filing.
The buyback 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, it added.
The buyback is subject to approval of the members by means of a special resolution through a postal ballot, it said.
The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations