TCS shares rise on shareholders' approval for 16,000 cr buyback plan

It rose 1.88 per cent to intra-day high of Rs 2,676.15 on the exchange. Last month, TCS' board of directors approved a proposal to buy back up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore.

Shares of Tata Consultancy Services (TCS) on Thursday rose over 0.5 per cent after its shareholders approved up to Rs 16,000-crore share buyback plan. On the BSE, it ended at Rs 2,637.05, higher 0.42 per cent. Intra-day, it rose 2 per cent to Rs 2,678.6.

On the National Stock Exchange (NSE), TCS' shares went up by 0.52 per cent to close at Rs 2,640.25. It rose 1.88 per cent to intra-day high of Rs 2,676.15 on the exchange.

Last month, TCS' board of directors approved a proposal to buy back up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore. "The members of the company have duly passed the special resolution approving the buyback," TCS said in a regulatory filing on Wednesday.

The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer. There was 100 per cent voting in favour of the proposal by the promoters, 98.11 per cent by public institutional shareholders and 98.43 per cent by other shareholders.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)