TATA CONSULTANCY SERVICES LTD. - Board approves Buyback of Equity Shares
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| 20 Feb 2017 | |
| Tata Consultancy Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 20, 2017, at 1.30 pm and concluded at 2.50 p.m. has approved a proposal to buyback up to 5,61,40,351 Equity Shares (Five crore sixty one lakh forty thousand three hundred and fifty one only) of the Company for an aggregate amount not exceeding Rs. 16,000 crore (Rupees Sixteen thousand crore only) (hereinafter referred to as the Buyback Size) being 2.85% of the total paid up equity share capital, at Rs. 2,850 (Rupees Two thousand eight hundred and fifty only) per Equity Share (hereinafter referred to as the Buyback Price). The buyback is proposed to be made from the shareholders of the Company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as the Buyback Regulations) and the Companies Act, 2013 and rules made thereunder. The Buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses.<BR><BR>The Buyback is subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.<BR><BR>The pre-buyback shareholding pattern as on February 17, 2017 is enclosed at Annexure A. | |
| View all announcements for TATA CONSULTANCY SERVICES LTD. | Source: BSE India |
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