TCS jumps nearly 2% as co completes Rs 16,000 crore share buyback

Share price of Tata Consultancy Services (TCS) rose nearly 2 percent intraday Thursday as company completed its Rs 16,000-crore share buyback on September 21.

The Mumbai-based company had in June this year announced buyback of up to 7.61 crore equity shares from existing shareholders at a price of Rs 2,100 per equity share with the overall consideration not exceeding Rs 16,000 crore.

The tendering period for the buyback offer opened on September 6, 2018 and closed on September 21, 2018, TCS said in a regulatory filing.

"(A total of) 7,61,90,476 equity shares were bought back under the buyback... The total amount utilised in the buyback is Rs 1,59,99,99,99,600, excluding transaction costs...," it added.

The buyback offer saw subscription of approximately 1.47 times the maximum number of equity shares proposed to be bought back, it added.

The filing said 4.97 crore shares held by Tata Sons, 26.65 lakh shares offered by RBC Emerging Markets Equity Fund and 26.31 lakh shares by Copthall Mauritius Investment Limited were accepted under the buyback.

Pursuant to the buyback, 7,61,90,476 equity shares of the company were extinguished, it said.

TCS had announced the mega buyback offer, its second in as many years, as part of its long-term capital allocation policy of returning excess cash to the shareholders.

At 14:20 hrs Tata Consultancy Services was quoting at Rs 2,174.85, up Rs 33.40, or 1.56 percent.