Mumbai June 15 (IANS) The Board of Indian IT major Tata Consulting Services (TCS) on Friday approved to buy back 7 61 90 476 equity shares of Re 1 face value at Rs 2 100 per share for about Rs 16 000 crore (over $2 billion).
"The buyback size is 1.99 per cent of the total paid-up equity share capital " the city-based firm said in a regulatory filing on the BSE.
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 will be on a proportionate basis under the tender offer route in accordance with the provisions of the SEBI regulations and the Companies Act 2013 " said the filing.
The offer however does not include expenses incurred for the buyback and is subject to approval by the shareholder by a special resolution through a postal ballot.
"A public announcement on the process timelines and other details will be made in due course in accordance with the buyback regulations " added the filing.
The company s blue-chip scrip gained Rs 49.20 at the end of Friday s trading on the BSE to close at Rs 1 841.45 as against Thursday s closing price of Rs 1 792.25 and opening rate of Rs 1 801. The scrip also went up to a high of Rs 1 849 and a low of Rs 1 791 during the intra-trading sessions.
In addition to buying back its shares the outsourcing firm gifted its investors with 1:1 bonus shares and a total dividend of Rs 50 per share for the last fiscal (2017-18) which amounts to a record 5 000 per cent per annum.
"Rs 26 800 crore of cash has been returned to shareholders in dividends and buyback during the fiscal " said the company in a filing on April 19.

--IANS fb/him/vm