Share Buyback at TCS
Code : FAC0059 |
Region : Asia |
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Introduction: On October 7, 2020, leading Indian multinational Information Technology giant Tata Consultancy Services (TCS) announced a buyback of 5.3 crore (53 million) equity shares, equivalent to 1.42% of its total paid-up capital. The total value of the buyback was estimated to be Rs.160,000 million at a price of Rs. 3000 per share, a 10% premium on the closing price. The announcement of the buyback had a positive effect on the market price of the share. A day after the announcement – on October 8, 2020 – the stock price of TCS increased over its previous day closing price of Rs.2737 by. 137.60, and the stock traded at a value of Rs.2875.. |
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