New Delhi: Tata Consultancy Services Promoter – Tata Sons and Tata Investment Corporation Ltd (TICL) – intends to participate in the IT offer of RS 18,000 Crore IT services with stock tenders worth around Rs 12,993.2 Crore.
On Wednesday, the TCS board approved a repurchase until RS 18,000 Crore offered 4 crore shares for 4,500 respectively.
According to the postal ballot notices by the company, Tata Sons and TICL intend to participate in repurchase offers.
Tata Sons, which holds around 266.91 crore shares, intends to tender 2.88 crore shares, while TICL (which holds 10,23,685 shares) intends to tender 11,055 shares, he added.
At Rs 4,500 each, two entities stood to sweep around Rs 12,993.2 Crore.
TCS is looking for shareholder approval through special resolution for repurchasing company equity shares.
The long-distance e-voting period will start from January 14, 2022 and ended on 12 February 2022.
The results of the postal voting will be announced on February 15, 2022, he added.
Repurchases of Previous Tata Consultation Services (TCS), worth around RS 16,000 Crore, have been opened on December 18, 2020, and closed on January 1, 2021, where the group holds the Tata Sons company has shares tendered by Rs 9,997.5 Crore.
More than 5.33 crore equity shares were purchased at that time (the offer price was Rs 3,000 respectively) and of the total, Tata Sons’ 3.33.25.118 shares received with repurchase offers.
In 2018, the largest IT service company in India bought back shares worth up to RS 16,000 Crore at RS 2,100 respectively.
Similar exercises were carried out in 2017 too.
In accordance with the postal voting in detail in the submission of the Stock Exchange on Thursday, the promoter company holds 72.19 percent of the shares on the TCS on January 12, 2022.
This adds that the offer price of Rs 4,500 per share represents a premium of 18.21 percent and 18.19 percent more than the price Closure of equity shares in BSE and NSE, as on January 6, 2022.
Ballot Pos said the current purchase was “in line with the practice of stock-friendly capital allocation for cash returns to shareholders, thus.
increase the value of shareholders in the long term , and improve “equity returns”.
Purchases, subject to regulatory approval and approval, if any, are proposed to be completed within 12 months from the date of specific settlement by shareholders.
Tata Sons, TICL to participate in TCS Mega BUYBACK offers
