TCS shares ended at Rs 1,841.45 per share, up 2.75 per cent from its previous closeMumbai: India's IT major Tata Consultancy Services (TCS) on Friday became the first listed company in India to close the day's trade with a market capitalisation of over Rs 7 lakh crore (over $103 billion) after the firm's board approved a share buy back for about Rs 16,000 crore.On Friday, shares of the company on the BSE ended at Rs 1,841.45 per share, up Rs 49.20 or 2.75 per cent from its previous close.
On NSE, the share price of the company settled higher by 52.45 points or 2.93 per cent at Rs 1,840 per share.Earlier in the day, the TCS board approved a buy back of 76,190,476 equity shares of Re 1 face value at Rs 2,100 per share for about Rs 16,000 crore (over $2 billion)."The buy back size is 1.99 per cent of the total paid-up equity share capital," the company said in a regulatory filing to the BSE.
(:TCS First Indian IT Company To Touch 100 Billion Dollar Market Value)This is the second time the global software major is resorting to buy back its shares after it bought 5.61 crore shares in April 2017 for Rs 16,000 crore at Rs 2,850 per share."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 and the Companies Act, 2013 and rules made thereunder," the company further stated.A total of seven crore sixty one lakh ninety thousand and four seventy six shares will be bought back by the IT major, the company announced.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)