NEW DELHI: Tata Sons tendered shares worth Rs 9,997 crore of Tata Consultancy Companies (TCS) for the duration of the IT major’s Rs 16,000 crore-buyback provide that concluded not too long ago.
The solitary largest shareholder of TCS, Tata Sons tendered much more than 3.33 crore shares through the present, in accordance to a regulatory submitting.
TCS reported over 5.33 crore equity shares were being bought back under the offer you at a cost of Rs 3,000 apiece and out of the complete, Tata Sons’ 3,33,25,118 shares were approved below the buyback offer you.
The complete quantity utilised for the buyback offer you — which opened on December 18, 2020 and closed on January 1, 2021 — was all over Rs 16,000 crore, as for each the filing.
The shares tendered by Tata Sons have been value Rs 9,997.5 crore.
Amongst other folks, Lifetime Insurance coverage Company of India (LIC) and RBC Emerging Markets Equity Fund tendered all-around 16.69 lakh shares and 7.69 lakh shares of TCS, respectively.
Late last 12 months, TCS CEO and Running Director Rajesh Gopinathan explained the organization is targeted on its coverage to return money to shareholders.
The Mumbai-centered company’s cash reserves stood at Rs 58,500 crore as of September 2020.
In October 2019, TCS’ board declared a specific dividend of Rs 40 for every equity share. In 2018, TCS experienced undertaken a share buyback of about Rs 16,000 crore, even though it experienced conducted a similar share purchase training in 2017 also.