Tata Consultancy Services (TCS) has announced that the buyback programme to the tune of Rs16,000cr has been oversubscribed by 2.75 times. The company accepted more than 1.95 lakh applications with bids. TCS had launched its share buyback plan from December 18, 2020 - January 01, 2021.
In its public announcement which was intimated to exchanges, TCS said that the Registrar of the Buyback i.e. Link Intime considered 1,95,470 valid applications for 14,64,12,991 equity shares in response to the buyback resulting in the subscription of approximately 2.75 times the maximum number of equity shares proposed to be bought back.
TCS offered buyback of up to 5,33,33,333 fully paid-up equity shares having a face value of Re1 each, at a floor price of Rs3,000 per equity share on proportionate basis aggregating to Rs16,000cr.
TCS will settle bids in the buyback plan on January 12, 2021, on stock exchanges.
At around 1.29 pm, TCS was trading at Rs3034.65 per piece down by Rs18.30 or 0.60% on Sensex. The stock has tumbled to an intraday low of Rs3001 per piece.
The company will announce its financial performance for December 2020 (Q3FY21) quarter along with third interim dividend for FY21 tomorrow.