TCS Board approves Rs 16,000 crore share buyback

India's largest software services firm TCS today said its Board has approved a share buyback plan of up to Rs 16,000 crore.

The Tata Group company said the proposed shares represent 2.85% of the total paid up equity share capital at Rs 2,850 per equity share.

"Tata Consultancy Services (TCS) Board of Directors has approved a proposal to buyback up to 5.61 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore," TCS said in a BSE filing.

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, it added.

The buyback is subject to approval of the members by means of a special resolution through a postal ballot, it said.

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.