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TCS buyback: Tata Sons sells shares worth Rs 10,000 crore
Tata Sons Pvt Ltd, the holding company of salt-to-software Tata Group, has raised about Rs 10,000 crore from selling close to 1 per cent holding in Tata Consultancy Services (TCS) in the IT firm s recently concluded share buyback.
Tata Sons tendered 3.33 crore shares in the group s most profitable firm s share buyback plan, according to a company s filing to the stock exchanges.
Post completion of the buyback, where the company will buy shares and extinguish them, Tata Sons will hold 72.16 per cent of TCS.
At the buyback price of Rs 3,000 apiece, Tata Sons share sale amount comes to Rs 9,997 crore.
Tata Sons tendered shares worth Rs 9,997 crore of Tata Consultancy Services (TCS) during the IT major’s Rs 16,000 crore-buyback offer that concluded recently. The single largest shareholder of TCS, Tata Sons tendered more than 33.3 million shares during the offer, according to a regulatory filing.
TCS said over 53.3 million equity shares were bought back under the offer at a price of Rs 3,000 apiece and of the total, Tata Sons’ 3,33,25,118 shares were accepted under the buyback offer. The total amount utilised for the buyback offer which opened on December 18, 2020 and closed on January 1, 2021 was around Rs 16,000 crore, according to the filing. The shares tendered by Tata Sons were worth Rs 9,997.5 crore.
TCS buyback offer: Tata Sons tenders shares worth Rs 9,997 crore
The total amount utilised for the buyback offer which opened on December 18, 2020 and closed on January 1, 2021 was around Rs 16,000 crore. PTI
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Tata Sons tendered shares worth Rs 9,997 crore of Tata Consultancy Services (TCS) during the IT major s Rs 16,000 crore-buyback offer that concluded recently. The single largest shareholder of TCS, Tata Sons tendered more than 3.33 crore shares during the offer, according to a regulatory filing.
TCS said over 5.33 crore equity shares were bought back under the offer at a price of Rs 3,000 apiece and out of the total, Tata Sons 3,33,25,118 shares were accepted under the buyback offer. The total amount utilised for the buyback offer which opened on December 18, 2020 and closed on January 1, 2021 was around Rs 16,000 crore, as per the filing.