TCS' share buyback plan has generated a good responseIndia's largest IT services company Tata Consultancy Services' (TCS) Rs 18,000 crore share buyback programme is scheduled to end today at 5 pm.It is the company's fourth buybackoffer.According to it's regulatory data, till 4 pm on March 22, shareholders had parted with around 220 million shares under the buyback offer.As per reports, the exercise undertaken by TCS is being counted among the largest equity buybacks offered in the country.
Under this, TCS intends to buy back 4 crore shares, which is equivalent to 1.1 per cent of its total equity.The buyback is being conducted at Rs 4,500 per share.The offer has generated an overwhelming response from investors as there has been 5.5 times over-subscription to the issue size even as there are a few more hours to go before the offer closes today at 5 pm.TCS had earlier said that in the reserved category for small shareholders, the ratio of buyback will be one equity share for every seven equity shares held on the record date.In the general category for all other eligible shareholders, the ratio of buyback will be one equity share for every 108 equity shares held on the record date, the company had informed.