Tata Sons and Tata Investment Corporation will participate in the TCS repurchase proposal

Tata Sons and Tata Investment Corporation will participate in the TCS repurchase proposal

As per the document, Tata Sons and Tata Investment Corporation Ltd – promoter companies of TCS – also intend to participate in the buyback offer.

Tata Consultancy Services (TCS) promoters – Tata Sons and Tata Investment Corporation Ltd – plan to partake in the IT service major’s Rs 18,000 crore buyback offer by offering around 2.88 crore shares, as per an regulatory recording. On Wednesday, the TCS Board had endorsed an upto Rs 18000 crore buyback offer involving 4 crore shares at Rs 4,500 each. As indicated by a postal ballot notice by the organization, the remote e-voting a period will start from January 14, 2022 and end on February 12, 2022. The results of the Postal Ballot will be reported on February 15, 2022, it added.

Tata Sons, which holds about 266.91 crore shares, intends to tender 2.88 crore shares, while Tata Investment Corporation Limited (which holds 10,23,685 shares) intends to tender 11,055 shares, it added.

The previous buyback of the TCS, worth about Rs 16,000 crore, had opened on December 18, 2020, and closed on January 1, 2021, in which group holding firm Tata Sons had tendered shares worth Rs 9,997.5 crore. 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.

As per the postal ballot detailed in Thursday’s stock exchange filing, promoter companies held 72.19 per cent share in TCS as on January 12, 2022.

It added that the offer price of Rs 4,500 per share represents a premium of 18.21 per cent and 18.19 per cent over the closing price of the equity share on BSE and NSE, respectively, as on Thursday, January 6, 2022.

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