MUMBAI: Tata Consultancy Services said its parent Tata Sons would be participating in the Rs 16,000 crore buyback the company announced earlier this month.TCS had said it would buyback over 7.6 crore shares at a price of Rs 2,100 each.
This will be the Mumbai-headquartered companys second buyback in as many years.In terms of the Sebi Buyback Regulations, under tender offer route, the promoters have the option to participate in the buyback.
We would like to inform you that the Promoter and Promoter Group of the Company have communicated their intention to participate in the proposed buyback, TCS said in a filing with the Bombay Stock Exchange.In the previous buyback, Tata Sons had tendered over 3.6 crore shares.
The salt-to-steel conglomerate still holds over 70% of TCS, its cash cow.
The buyback is still subject to a vote by shareholders in a special ballot.