October 6, 2023
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TCS to consider share buyback
In a breaking news,TCS will consider buyback of equity shares. TCS board will meet on October 11, 2023 to consider the decision, the company said in a statement. TCS shares ended nearly 1 percent higher on October 6 at Rs 3,621.25 on NSE.
TCS launched its last share buyback in the year 2022 when the IT major bought back shares worth Rs 18,000 crore by making a tender offer to the shareholders between 23 February and 9 March. The issue size comprised of 40,000,000 shares priced Rs 4,500 apiece with face value of Re 1 per share.
Earlier this year, two other IT companies completed share buybacks. In February 2023, Infosys ended its buyback after purchasing 6,04,26,348 of its shares for Rs 9,300 crores. The average buyback price of Infosys was Rs 1,543.1, and the company had announced a maximum buyback price of Rs 1,850 per share.
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