As of the quarter ended June 30, TCS had approximately 615,318 employees.
TCS launched its last share buyback in the year 2022, when the IT giant bought back shares worth Rs 18,000 crore.
Information technology company Tata Consultancy Services is considering a buyback of its shares. The decision will be discussed at the board meeting scheduled for October 11, 2023, as stated in the company’s official statement.
The TCS board will discuss a share buyback proposal on the day the IT giant plans to announce its financial results for the second quarter of 2024.
According to a report from Money controlTCS launched its last share buyback in the year 2022, when the IT giant bought back shares worth Rs 18,000 crore.
The issue size consisted of 4 crore shares priced at Rs 4,500 each with a face value of Re 1 per share.
Share buybacks
A share buyback, also called a share buyback, occurs when a company purchases its own outstanding shares on the open market or directly from its shareholders. In this process, the company uses its resources to buy back a certain number of its own shares.
In addition, two other major IT companies completed share buybacks earlier this year.
In February 2023, Infosys ended the buyback after purchasing 6.04 crore of its shares for Rs 9,300 crore. Infosys’ average buyback price was Rs 1,543.1 compared to the maximum buyback price of Rs 1,850 per share.
In June, Wipro announced a share buyback of Rs 12,000 crore, its largest ever. The company recorded an adoption rate of 77.40 percent among retail participants.
