Tata Sons to participate in TICL TCS mega buyback offer 12,993 crore shares


New Delhi: Tata Consultancy Services Promoters – Tata Sons and Tata Investment Corporation Limited (TICL) – About Rs. By tendering shares worth Rs 12,993.2 crore, IT Services Major’s Rs. Wants to participate in a Rs 18,000 crore buyback offer.
On Wednesday, the TCS board raised Rs. Approved a buyback offer of up to Rs 18,000 crore in which Rs. 4 crore shares were involved at the rate of 4,500.
According to a postal ballot notice by the company, Tata Sons and TICL wanted to participate in the buyback offer.
Tata Sons, which owns about 266.91 crore shares, wants to tender for 2.88 crore shares, while TICL (which owns 10,23,685 shares) wants to tender for 11,055 shares, he added.
Rs. At the rate of Rs. 12,993.2 crore. TCS is seeking shareholder approval through a special resolution for the buyback of the company’s equity shares.
Remote e-voting will begin on January 14, 2022 and end on February 12, 2022. The results of the postal ballot will be announced on February 15, 2022, he added.
The previous buyback of Tata Consultancy Services (TCS) was around Rs. 16,000 crore, which opened on December 18, 2020 and closed on January 1, 2021, in which group holding firm Tata Sons raised Rs. 9,997.5 crore shares were tendered.
More than 5.33 crore equity shares were purchased at the time (offer price was Rs. 3,000) and in total, 3,33,25,118 shares of Tata Sons were accepted under the buyback offer.
In 2018, India’s largest IT service firm Rs. 2,100 to Rs. Repurchased shares worth up to Rs 16,000 crore. A similar exercise was conducted in 2017.
The promoter companies held a 72.19% stake in TCS as of January 12, 2022, according to a detailed postal ballot in Thursday’s stock exchange filing.
It added that Rs. The offer price of 4,500 represents a premium of 18.21% and 18.19% of the closing price of equity shares on the BSE and NSE on January 6, 2022, respectively.
The postal ballot states that the current buyback “corresponds to the company’s shareholder-friendly capital allocation practice of returning excess cash to shareholders, which increases shareholder value in the long run, and improves” returns on equity. ”
The buyback, subject to regulatory consent and approvals, if any, is proposed to be completed by shareholders within 12 months from the date of passing the special resolution.

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