India’s largest IT company Tata Consultancy Services has announced a repurchase of 5,33,33,333 (Five crore thirty three lakh thirty three thousand three hundred thirty three) equity shares for an aggregate amount of not more than Rs.16,000 crore with a pricing of Rs.3000 per share. The proposal was approved by the board of Tata Consultancy Services Ltd. In the meeting held on 7th October.
The 5.33 crore equity shares counts for 1.42 % of the total paid-up equity shares of the firm given at a price of Rs.3000 per share that means it is being given at a premium of 9.6% at Wednesday’s closing price of Rs.2737.40 on BSE. Although people were expecting a much higher buyback of somewhere around Rs.25,000 crore considering they had Rs.50,000 of net cash.
Tata Consultancy Services Limited (TCS) is engaged in providing information technology (IT) services, digital and business solutions. The Company’s segments include banking, finance and insurance services (BFSI); manufacturing; retail and consumer packaged goods (CPG); telecom, media and entertainment, and others, such as energy, resources and utilities, hi-tech, life science and healthcare, s-Governance, travel, transportation and hospitality, and other products. Its services portfolio consists of IT and assurance services, business intelligence and performance management, business process services, cloud services, connected marketing solutions, consulting, engineering and industrial services, enterprise solutions, IT infrastructure services, mobility products and services and platform solutions. Its software offerings include Digital Software and Solutions, TCS BaNCS and TCS MasterCraft, among others. It serves industries, including insurance, healthcare, retail, telecom and others.
