Tata Consultancy Services (TCS) will commence its Rs 16,000-crore mega shares buyback from May 18, 2017. The buyback programme will end on May 31st. The Letter of Offer for buy back will be sent to all the eligible shareholders on or before 16th May,the company said.
The buyback programme, which received shareholder approval last month and if successful, it will be India’s biggest buyback program surpassing Reliance Industries’ 2012 share repurchase of Rs 10,400 crore.
TCS received suggestions earlier from its investors who wanted a certainty on dividend policy along with the share buyback to distribute the surplus cash, it had on its coffers as they felt the buy backs would improve EPS – Earnings Per Share and would also enable the company to return surplus cash to the share holders beating the market volatile condition.