New Delhi: The board of directors of Tata Consultancy Services (TCS), the country’s largest information technology sector, will consider a proposal to buy back the company shares this weekend. In a regulatory notice sent to the stock exchanges on Sunday night, TCS said, “The company’s board of directors will consider the proposal for share buyback in a meeting to be held on October 7, 2020.” No other details were given about the buyback of the shares.
It said that during this period the board of directors would also consider the company’s September quarter financial results and declare a second interim dividend. In the year 2018 too, the company had implemented the Rs 16,000 crore share buyback plan. The purchase was made at the rate of Rs 2,100 per share, in which around 7.61 crore shares were bought back. In the year 2017 too, the company had implemented a similar share purchase program. This offer to buy back shares of TCS is part of its long-term capital allocation policy. Through this, the company returns its excess cash to shareholders.
