TCS' share buyback offer to open on March 9

Tata Consultancy Services said its Rs 18,000 crore share buyback offer will open on March 9 and close on March 23. TCS promoters Tata Sons and Tata Investment Corporation Ltd - intend to participate in the buyback offer.

Tata Sons, which holds about 266.91 crore shares, intends to tender 2.88 crore shares, while TCIL, which holds 10,23,685 shares, intends to tender 11,055 shares. Last month, the company announced the share buyback programme encompassing 4 crore shares at Rs 4,500 apiece, at which the two entities will get about Rs 12,993.2 crore.

The previous Rs 16,000 crore-buyback of TCS had opened in December 2020, and closed in January 2021. Tata Sons had tendered shares worth Rs 9,997.5 crore in that offer. Over 5.33 crore equity shares were bought at that time (offer price was Rs 3,000 apiece) and out of the total, Tata Sons' 3,33,25,118 shares were accepted under the buyback offer.

According to a BSE filing, TCS has fixed this year’s April 1 as the last date for settlement of bids on stock exchanges which may even happen earlier. In 2018, India's largest IT services firm repurchased shares worth up to Rs 16,000 crore at Rs 2,100 apiece. A similar exercise was conducted in 2017 as well.